Singapore: Great American Insurance lands in Lion City
Source: Asia Insurance Review | Apr 2015
Great American Insurance Group has announced that its lead insurer, Great American Insurance Company, has received preliminary approval from the Monetary Authority of Singapore to establish a branch operation. It plans to begin underwriting risks once all pre-conditions for licensing have been completed, estimated to be around June this year.
With its entry into the Singapore insurance market, Great American Insurance Group expands its international footprint into Southeast Asia. This opportunity allows Great American to actively participate in Singapore’s efforts to establish itself as a global insurance hub. Upon opening of its Singapore branch, Great American will focus on specialty lines, both onshore and offshore. The Singapore Branch will be led by Mr Chee Keng Koon, a seasoned insurance professional in the Singapore and Asian markets.
Mr Don Larson, President and Chief Operating Officer of Great American Insurance Company, said: “We are confident that Mr Chee’s deep specialty lines knowledge, supported by the recruitment of experienced local underwriters and combined with a strong finance and operations team led by Ms Vanessa Teo, will enable us to deliver property and casualty insurance solutions that meet the unique needs of these markets.”
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the AM Best Company for over 100 years (most recent rating evaluation of “A+” (Superior) as of February 21, 2014). The members of the Great American Insurance Group are subsidiaries of American Financial Group, also based in Cincinnati, Ohio.