Ascot Underwriting is set to expand into the South-East Asian insurance market with the opening of its new Ascot Asia operation in Singapore.
The new office is Ascot's first overseas expansion on its direct account and it will initially write property, cargo, hull, energy and terrorism business. It is hoped to open the office early December and accept business from the New Year, subject to approval from Lloyd's and the Monetary Authority of Singapore (MAS).
Scott Stewart will become the operation's principal officer from next year. He joins Ascot from Jardine Lloyd Thompson where he is managing director of energy and industry risks in Singapore.
“This is an exciting venture for us and we are very optimistic of the huge opportunities that exist in Singapore, one of the fastest growing South-East Asian trading hubs with access to other countries in the region” said Ascot chief executive Martin Reith.
Ascot has secured premises at One George Street, within close proximity to Lloyd's Asia.
