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Kiln Appoints New Managing Director in Asia
(BestWire Services Via Acquire Media NewsEdge) Kiln Group [51294] has appointed Neil Wray as regional managing director for Asia with the aim to grow the group's specialized underwriting products and services in the region.
The UK-based insurance and reinsurance underwriter has operated in Asia for two years with offices in Hong Kong and Singapore. "I believe Asia's scale and diversity offer significant potential for long term growth," said Wray.
In spite of global financial meltdown, Wray said Asian markets are seeing growth in the region, and the company is "optimistic" for its development.
In Asia, certain business lines have slowed down because of the economic crisis. Wray said the focus of Kiln Asia is more on specialized lines to meet niche market needs.
For its expansion plan, Wray said Kiln Asia is taking a cautiously optimistic approach for products and market development in Asia. The company is looking into markets such as north Asia, China and South Korea. For emerging markets such as Vietnam, Wray said more study and analysis are needed.
Based in Hong Kong, Wray said he continues to build on the work developed for the region. "There are excellent opportunities to continue to develop successful operations in Hong Kong and Singapore," said Wray.
One role of Hong Kong office is to link with the China market. In the long term, Wray said the company will be more involved with China.
With 20 years of experience in London, Hong Kong and Singapore, Wray was most recently regional managing director of Catlin Group, based in Hong Kong. Wray succeeds Keith Land, who headed up Kiln Asia from January 2007.
Kiln Asia is a wholly owned subsidiary of RJ Kiln & Co. Ltd. [48756], a London-based managing agent at Lloyd's. It set up Asia operation in 2006 and has underwriting capabilities such as aviation, marine and cargo, political risk, trade credit, energy, engineering and construction in the region.
In 2007, Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. [85100] reached an agreement for a cash acquisition of Kiln. The acquisition was completed in March 2008. Since then, Kiln operates as an independent brand and entity from its parent company.
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
Copyright ? 2009 A.M. Best Company, Inc.
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