The Standard Syndicate (Syndicate 1884) has announced it is to underwrite a broad range of marine and energy insurance covers throughout Asia through a new Lloyd’s Asia service company, The Standard Syndicate Services Asia.
The service company has received regulatory approval from the Monetary Authority of Singapore and Lloyd’s Asia to commence underwriting in June 2015.
The Standard Syndicate 1884 was established by The Standard Club, a leading marine protection and indemnity (P&I) mutual insurer. It commenced underwriting on 1st April 2015 and offers a range of marine and marine energy covers – Hull: Hull and machinery cover for container, passenger, ferry and cargo vessels, small ships, ferries and yachts; Energy: Physical damage, operator’s extra expense/control of well and construction coverage for marine energy businesses covering mobile and fixed platforms and associated onshore facilities; Liability: Marine energy related non-P&I liabilities, port & terminal operator’s liabilities, and transport operator’s liabilities; Property: Ports and terminals, warehouses and other storage facilities including goods stored and marine related ‘dry’ premises; Cargo & Specie: General and specialist cargo and specie; Corporate lines: Marine D&O and E&O cover.
Robert Dorey, Active Underwriter, The Standard Syndicate said: “We believe there will be a significant demand for our marine insurance covers in Singapore and across the wider Asian market. Syndicate 1884, which has already started underwriting in London, has got off to a strong start. By establishing a presence in Singapore we can provide the same, highly focused, marine underwriting capability to ship owners and other clients across Asia through their local and Lloyd’s brokers.
“Lloyd’s Asia is the ideal platform for us to develop our business in Singapore and across the Asian economies. It enables us to underwrite locally, while offering our clients the same highly-rated Lloyd’s-backed security as that available from The Standard Syndicate in London.”
Kent Chaplin, Lloyd’s Head of Asia Pacific and Managing Director of Lloyd’s Asia, said:
“I am delighted to welcome The Standard Syndicate to Lloyd’s Asia and see the capabilities and capacity of the Lloyd’s Asia platform go from strength to strength. Lloyd’s Asia now has 19 service companies providing tailored insurance and reinsurance solutions for clients across Asia Pacific and is a recognised market leader in Marine Cargo & Hull, Energy, Property, Aviation, Political Risk, Trade Credit and Engineering & Construction business.
“The Standard Syndicate’s international marine expertise and business relationships are a welcome addition to the Lloyd’s Asia platform.”