Local trend to retain insurance and reinsurance risks

Hardy Underwriting has opened its new Singapore office to cope with the growing tendency for local markets to retain increasing amounts of insurance and reinsurance risk.

Underwriting will begin in December 2010 with the planned arrival of Richard Lim. Initially, Hardy Asia will concentrate on writing and leading treaty business from the Asia Pacific region (excluding Japan) on both a proportional and non-proportional basis along with associated reinsurance protections for key clients.

It will look to develop all of the Hardy group's traditional classes where there is local demand and where we are able to add genuine value to both brokers and clients.

Barbara Merry, chief executive, said: "The opening of our new Singapore office embodies our stated philosophy of thinking global whilst acting local. We are certain that this development will be of increasing significance in the coming years."