The insurance division of Omni Whittington is to demerge and receive a major injection of expansion capital.
Whittington Group Pte, a new holding company, will be located in Singapore and have net assets of more than $80m to support "ambitious growth plans in the UK, Asia, Europe and the US."
The company said that the majority of the expansion capital comes from two of Hong Kong's leading equity investment funds, UCL Asia and GEMS.
Whittington said its objective is to take advantage of favourable market conditions to grow rapidly and expand into new geographic markets.
The company will look to acquire more insurance companies or portfolios in run-off and develop its range of outsource services.
In addition, Whittington is also seeking to make more investments in ‘live' underwriting operations in emerging markets and Lloyd's.
Tony Hobrow has been named as chief executive of the new business and Edward de Jager as non-executive chairman.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
