Texel has launched a trade insurance brokerage business in Singapore to provide political and credit risk services in the commodity finance market.

Texel Asia will focus on commodity trade finance, structured commodity finance, trade finance banking groups and commodity traders and producers in local and international banks in Asia and Australasia.

William Shaw has relocated from Texel’s London office to head up the new business as managing director. He will be joined by new Texel broker Jaime Taylor, who was previously an underwriter at Catlin in Singapore and London.

Andy Lennard, managing director of Texel tells GTR that setting up Texel Asia will help the company continue its growth in the political and credit risk insurance environment.

“We feel that it is important to be represented in perhaps the fastest growing region today. There is now real depth from a coverage perspective and a number of clients have opened regional hubs in Singapore. Therefore it is a logical move for us to try and provide services where our clients are trading more actively,” Lennard says.