AXA Corporate Solutions Opens Branch in Singapore

Axa Corporate Solutions, a subsidiary of the France-based Axa Group, has opened a new branch in Singapore, offering marine and aviation as well as property and casualty insurance to the local market.

The insurer has been established in Singapore since 2000 and developed a range of marine insurance businesses, mainly focused on cargo and brown-water hull. It has recorded about S$25 million (12.5 million euros) in premiums.

The marine and aviation business operates under Axa Corporate Solutions, and accounted for US$100 million (74.5 million euros) in premiums in the Asia-Pacific region at large. It also insurers around 25% of the world's merchant fleet, said the insurer in a statement.

Axa Corporate Solutions’ Singapore branch chief executive officer, Mike Davies, said the company has built up a strong underwriting, claims and risk management unit across Asia. The new Singapore branch “confirms our total commitment to Asia.”

The insurer was granted approval earlier this year from the Monetary Authority of Singapore to set up a domestic branch, which means it is now a fully capitalized branch known as Axa Corporate Solutions Assurance Singapore. It is now able to write all lines of general insurance in Singapore up to the full underwriting capacity of its French parent.

Apart from Singapore, Axa Corporate Solutions has branches in Hong Kong and Shanghai, China, in the Asia-Pacific region.

In 2007, Axa Corporate Solutions generated turnover of 1.8 billion euros globally. Among the total, marine insurance accounted for 20%, while aviation accounted for 12%.

(By Rebecca Ng, Hong Kong news editor: [email protected])