AU GROUP AND PHILLIPCAPITAL ANNOUNCE NEW JOINT VENTURE IN ASIA AND THE OPENING OF ITS FIRST SUBSIDIARY IN SINGAPORE.
Paris and Singapore (18 October 2016) – AU Group and PhillipCapital are proud to announce the formation of a joint venture to develop credit and political risk insurances in Asia, and the opening of its first subsidiary in Singapore.
The joint venture (AU Group Asia) is chaired by Gerald Lim, and will develop new country opportunities in the region. Gerald is a pioneer in credit and political risk insurances in the region, and was recently with Marsh as Asia CEO for Trade Credit, Financial & Political Risks, and CEO for South East Asia. Prior to that he was with Aon as CEO Aon Trade Credit Asia Pacific and where he also held country leadership positions in Taiwan and Singapore.
AU Group Singapore is led by Don Low, who was a senior underwriter at Coface and Ace before joining Marsh as head of Political Risks and Structured Credit for Marsh Asia. The growing team in Singapore will bring strong expertise in transactional structured credit and political risks and conventional trade credit insurances.
“We are delighted to enter into this partnership with PhillipCapital. In early 2015 we established AU Group China. To support our future expansion we decided that AU needs to be strategically aligned with a major established organisation in Asia, and with experienced and skilled professionals, and we are fortunate to have found PhillipCapital as our partner”, said Jean-Claude de Lassée, Chairman of AU Group.
“PhillipCapital looks forward to working closely with AU Group, which is recognized as the world’s largest independent specialist credit-insurance broker. PhillipCapital already has interests in insurance underwriting and broking, and we see an exciting growth opportunity to expand in the niche area of credit and political risks”, said Lim Hua Min, Chairman of PhillipCapital.
Asia Pacific is a key region for the growth of traditional credit insurance as well as structured trade and political risk insurance. Companies across the region will benefit from AU Group and PhillipCapital combining their respective strengths to help optimise receivables and balance sheets, control risks, and facilitate funding requirements.
+33 1 42 66 66 46
+65 6531 1567
About AU Group
A.U. Group has advised customers on the insurance, financing and management of trade receivables since 1929 and assists companies in securing their trade receivables on a lasting basis and in funding their growth. Through its worldwide offices, A.U. Group manages more than 300 billion € of insured receivables in over 70 countries. This unique global organisation enables AU to satisfy the requirements of its clients, whether they sell domestically, are exporters, or are multinationals. More information at: www.au-group.com
Since 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence that offers a full range of quality and innovative services to retail, corporate and institutional customers. Our comprehensive suite of financial products and services includes fund management, managed accounts, unit trusts, insurance planning, regular savings, contracts for difference, exchange traded funds, investment research, equity financing, property; and broking in bonds, securities, futures, foreign exchange, precious metals and commodities. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions. With more than 3,500 employees and over 1 million clients worldwide, our assets under custody/management totals to more than USD 30 Billion with shareholders' funds in excess of USD 1 Billion.
PhillipCapital (with headquarters in Singapore) operates in the financial hubs of 16 countries and region, with offices in Singapore, Malaysia, Cambodia, Indonesia, Thailand, Hong Kong, China, Japan, India, Sri Lanka, UAE, UK, France, Turkey, Australia and USA. More information at: www.phillip.com.sg