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The evolution of Munich Re Specialty in Singapore - a 25-year journey

Article by Hui Yun Boo

08/02/2024

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    Hui Yun Boo
    Hui Yun Boo
    CEO and Head of Asia and Middle East
    Munich Re Specialty - Global Markets, Syndicate Asia
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    hboo@munichre.com
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    Shortly before the turn of the century, Singapore emerged as a new hub in global specialty insurance. With the establishment of the Lloyd’s Asia platform, Munich Re Specialty – Global Markets embraced a new market. We opened doors to a new office and new broker partners, with a clear goal of bringing our expertise and dedicated service to new regional clients. This was an exciting and intrepid step not just for us as we set up this new local office, but also for our London colleagues who are supporting the service company as Lloyd’s Managing Agent for Syndicate 457.  A strong culture of  mutual support and collaboration across regions has brought out the best in the entire platform. 

    In the beginning, Munich Re Specialty’s original offering to Lloyd’s Asia was based on its well established and traditional marine classes. 25 years later, we take pride in having innovated, expanded and diversified our solutions and coverage to occupy a key position in Renewables and Project Cargo, while also un writing Marine Cargo, Marine Liability, War and Terrorism, Contingency and Engineering on behalf of the Syndicate from Singapore. Crucially, we’ve fostered important consortium partners, backed by solid capacity and financial backing, enabling us to collaboratively work together to consistently deliver successful outcomes for our clients.  

    If I were to highlight one key factor of our growth, it would be how we’ve been driven on by a talented and dedicated team across Asia and globally.  The development of our offering here could not be achieved by Singapore alone without the close relationship and support of all Munich Re Specialty colleagues around the world.
    25th anniversary
    © Munich Re

    To mark this milestone, I was delighted to host an intimate  gathering with our broker partners and colleagues from around the world to celebrate and express my gratitude to them for their continued support throughout the years.  

    At the heart of every aspect of our market is partnership, and without this, we cannot succeed, and that is exactly what makes our region so special.
    In recognition of this milestone, Thomas Artmann, CEO of Munich Re Specialty – Global Markets, Syndicate outlined the key drivers to success in Singapore: “The Munich Re Specialty – Global Markets, Syndicate Asia has done a fantastic job over recent years to grow our business in Southeast Asia so successfully. It’s also due to their contribution that the Syndicate is an outperformer in the Lloyd’s market and is adding value to Munich Re Specialty Global Markets. I would like to thank Hui Yun and her team for their strong commitment and dedication to our business”
    Thomas Artmann and Hui Yun Boo
    © Munich Re
    I will leave you with the same message I gave our guests at such a fantastic event… Here’s to the next 25 years.

    Hui Yun Boo
    CEO of Munich Re Specialty - Global Markets, Syndicate Asia

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    Expertise. Stability. Partnership

    Munich Re Specialty combines premier specialty expertise, capabilities, and products to offer partners and customers simplified access to a wide range of specialty insurance solutions and services. With Munich Re’s renowned stability, robust financial backing, and dedication to the industry, we provide a wide-range of solutions and services worldwide to cater to diverse client needs. When partnering with Munich Re Specialty, you benefit from top-tier claims, underwriting, and risk management services powered by a network of trusted advisors across the globe.

    When partnering with Munich Re Specialty, you gain a dedicated partner committed to understanding your needs and delivering tailored solutions, empowering you with confidence and peace of mind to navigate the evolving insurance landscape.

    Our relationship-based approach and broad range of solutions and services remain unchanged. Munich Re Specialty is positioned to provide you with the confidence and peace of mind you need to thrive in today’s dynamic insurance landscape.