a day ago
- Business
- Malaysian Reserve
Markel to ramp up Malaysian presence, appoints new country head
MARKEL Insurance, the insurance operations within New York-listed Markel Group Inc, has appointed Jasminder Kaur as its country head as it plans to ramp up its presence in Malaysia.
In her new role, Jasminder will be responsible for scaling Markel's operations in Malaysia, which the company has described as an established specialty insurance market.
She will collaborate closely with the underwriting team in Singapore, while also working to establish and grow Markel's underwriting capability in Kuala Lumpur.
The appointment will build on Markel's existing presence in Malaysia, where Markel is licensed as a Tier 2 reinsurer in Labuan, it said in a statement.
Jasminder brings close to three decades of experience in the insurance industry, with a background in risk management and broking.
She most recently served as CEO of MP Honan Insurance Brokers Sdn Bhd, where she played a key role in evolving the local broking firm into an international boutique firm, driving sales growth and operational excellence. Prior to that, she spent more than eight years at Aon Insurance Brokers Sdn Bhd, where she held various leadership roles, including chief broking officer.
Jasminder will report to Kevin Leung, Markel's chief underwriting officer for Asia Pacific.
'Jasminder's appointment is a key strategic move for our business in Malaysia, leveraging her proven ability to deliver results and her deep understanding of the local market,' said Christian Stobbs, Markel's MD for Asia Pacific, in the same statement.
Markel Insurance is a global specialty insurer, which leverages its broad array of capabilities and expertise to create solutions for the most complex specialty insurance needs.
The specialty insurance market sector in Malaysia is composed of a mix of local and international insurers that offer niche or non-traditional insurance products tailored to specific risks. These can include areas such as marine, aviation, energy, construction, political risk, cyber insurance and other specialised risks.
One of the key players in this sector is MSIG Insurance (M) Bhd, owned by Japan-based Mitsui Sumitomo Insurance Group, whose specialty lines include marine, energy, construction, engineering, aviation and liability insurance.
Two other players are Swiss-owned Zurich General Insurance Malaysia Bhd, with specialty lines in marine, energy, construction, cyber and liability insurance, as well as AIG Malaysia Insurance Bhd who's parent compay is the US-based American International Group. — TMR
This article first appeared in The Malaysian Reserve weekly print edition
