AU Group, PhillipCapital set up joint venture to tap growth opportunities in Asia

SPECIALIST credit-insurance broker AU Group and PhillipCapital have announced a new joint venture in Asia and the opening of its first subsidiary in Singapore.

The move comes as PhillipCapital, which has interests in insurance underwriting and broking, looks to expand further in the area of credit and political risks while AU Group paves the way for future expansion in the region through this partnership.

The joint venture, AU Group Asia, is led by Gerald Lim, a pioneer in credit and political risk insurances in the region.

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, the two said.

The 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 are expected to benefit from AU Group and PhillipCapital combining their respective strengths to help optimise receivables and balance sheets, control risks, and facilitate funding requirements.