Best’s News & Research Service - April 16, 2015 12:28 PM (EDT)
A.M. Best, the Leading Specialist Credit Rating Agency for the (Re)Insurance Industry, Opens New Office in Singapore
- April 16, 2015 12:28 PM (EDT)
Singapore //BestWire// - A.M. Best, the 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.
The office will offer internationally recognised ratings to insurers, reinsurers, takaful operators and captives in Singapore and across the Association of Southeast Asian Nations (ASEAN)/Australasia regions. The development of the Asia Pacific economies has prompted A.M. Best to reinforce its commitment to the region.
The new office, located at 6 Battery Road in the heart of Singapore's Central Business District, will be led by Dr. Roger Sellek, Chief Executive Officer of A.M. Best's operations outside of the Americas. Dr. Sellek is relocating from A.M. Best's London office, which was established in 1997 as the group's first office outside of the U.S.
A.M. Best was founded in 1899 and has retained its focus solely on the (re)insurance industry since the publication of its first rating in 1906. Globally, the group undertakes almost 3,500 ratings for individual insurance and reinsurance entities. 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.
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.
"Singapore also has a first class regulatory system and a forward-looking regulator in the Monetary Authority of Singapore (MAS) as well as an excellent legal system and a highly trained workforce," he added.
A.M. Best currently has 'live' credit ratings for 13 Singapore-based companies and it has close to 40 live ratings across the ASEAN region.
Dr. Sellek said the scope for expansion in Southeast Asia was significant given the continuing rapid growth of many insurance markets in countries including Indonesia, the Philippines, Thailand, Vietnam and Malaysia. A specific driver for A.M. Best's new Singapore base was the impending arrival of the ASEAN Single Market, which is due to come into being at the end of 2015. A.M. Best believes that a rating from an international rating agency will be a prerequisite for insurers that wish to conduct cross-border business within the Single Market in the future.
The A.M. Best staff in Singapore comprises a team of specialist credit rating analysts led by MM Lee, head of analytics for Asia Pacific who has transferred from A.M. Best's Hong Kong office, together with business development staff.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.