A.M. Best, a leading specialist credit rating agency covering the insurance and reinsurance industries, has established a new office in Singapore as part of its continuing growth in the Asia Pacific region. A specific driver for A.M. Best’s new Singapore base is the impending ASEAN Economic Community which is due to be established at the end of this year.
A.M. Best’s Singapore office will offer internationally recognised ratings to insurers, reinsurers, takaful operators and captives in Singapore and across the ASEAN/Australasia regions.
The new office is to be led by Dr Roger Sellek, CEO of A.M. Best’s operations outside of the Americas. He is relocating from A.M. Best’s London office, which was established in 1997 as the group’s first office outside of the US. Dr Sellek said that the scope for expansion in Southeast Asia is significant given the continuing rapid growth of many insurance markets in Indonesia, the Philippines, Thailand, Vietnam and Malaysia.
Dr Sellek said: “We are delighted to announce the opening of our new Singapore office which we believe will ensure we are even closer to our expanding client base of insurers and reinsurers in Southeast Asia, Australia and New Zealand.
“Singapore is the obvious choice for a credit rating agency serving the insurance sector as it is home to almost 250 insurers, reinsurers, captives and broking companies. It can truly lay claim to be the international insurance and reinsurance hub of Southeast Asia.”
The A.M. Best staff in Singapore comprises a team of specialist credit rating analysts led by Mr MM Lee, head of analytics for Asia Pacific who has transferred from A.M. Best’s Hong Kong office, together with business development staff.
Hong Kong office will continue to support clients in Greater China, Japan and Korea
Singapore is A.M. Best’s second office in Asia Pacific after Hong Kong, where the group opened 16 years ago. The Hong Kong office will continue to support A.M. Best’s client base in Greater China, Japan and Korea.
A.M. Best currently has “live” credit ratings for 13 Singapore-based companies and close to 40 live ratings across the ASEAN region.
A.M. Best, founded in 1899, published its first rating in 1906; globally, the group undertakes almost 3,500 ratings for individual insurance and reinsurance entities.