Munich Re Syndicate Singapore (MRSS) on Tuesday has announced the partnership with a new cover holder, Nectar Specialty Risk Pte, a Singapore incorporated limited liability company, committed to delivering bespoke (re)insurance solutions for its clients and business partners.
NECTAR’s professional line products are offered under the trading name of Nectar PRO, which is the Financial Lines business unit focused on emerging Asian markets in South East Asia and Indian sub-continent. The Nectar PRO team offers significant capacity and solid protection with a focus on D&O, PI, Crime and Financial Institutions, for corporations across the Asia Pacific region as direct insurance and reinsurance through local insurers.
Nectar offers the security of Lloyd’s of London, ensuring that clients enjoy one of the most stable offerings in the marketplace.
Celine Ang, Head of Asia, Munich Re Syndicate Limited commented: “Asia Pacific is one of the key growth markets for Munich Re Syndicate, since the inauguration of our Singapore office as our Asia Hub last summer. We are able to capitalise on our regional experience of understanding different economies, cultures and businesses across geographies to provide quality service to the Asia Pacific region.”
Ang continued: “Nectar PRO will allow us to expand both our distribution into these Asian markets and also to service the mid-market segment with a high volume of transactions in an efficient manner. In this respect, it is completely complementary to both our current open market Financial Lines strategy in the region and to our overall business strategy of transitioning to a specialty Syndicate with a diverse business offering.”
Munich Re Syndicate carefully selects the clients they partner with and are open to new business models, sectors and industries, while providing effective insurance solutions that enable these businesses to prosper.
Ram Garg, Founder & CEO of Nectar commented: “Nectar has extremely close relationships with local insurers and brokers in the emerging Asian markets. By working with Munich Re Syndicate, whose brand represents deep industry expertise, innovation and financial strength, we are confident in the solutions we are able to provide as partners.”
Nectar underwrites on behalf of Munich Re Syndicate Singapore Pte Ltd under authority from Munich Re Syndicate 457 at Lloyd's.