Political risk insurance broker Berry Palmer & Lyle (BPL Global) has opened a subsidiary in Singapore, which will be headed by the firm’s co-founder, Anthony Palmer.
Palmer will be the new company’s chief executive, assisted by Harry McIndoe as his deputy. Both have relocated from London to Singapore to open the new office, and other team members are being recruited locally.
“Our immediate focus will be local financial institutions including the banks, where we see the biggest gap in the market for our services, although we will also be working with the Singapore subsidiaries of our multinational clients. These include commodity traders and exporters – a specialist area for BPL Global and a good fit with Singapore’s position as the regional hub for trade and finance,” says Palmer.
BPL Global chairman Charles Berry adds: “The decision to open an office in Singapore reflects the importance of the city-state as an insurance hub for the Asia Pacific region, a core focus for our global growth. This is also reflected in the fact that Anthony – our deputy chairman and a co-founder of the firm with 37 years of experience in the PRI market – is heading up the office.”
The opening of the Singapore office follows the launch of the company’s Hong Kong branch, headed by Peter Gilbert, in 2011.