Insurance giant AXA Group subsidiary AXA Corporate Solutions has received approval from Monetary Authority of Singapore to upgrade its offices in the Lion City to a branch.
AXA Corporate Solutions Assurance Singapore Branch is now able to write all lines of general insurance in Singapore and enjoys the Standard & Poor’s rating of AA enjoyed by its parent group. AXA has been active for eight years in Singapore’s marine sector and currently writes an estimated $100 million in the region in marine and aviation coverages. The announcement comes during Singapore Maritime Week when a number of high-profile events will boost Singapore’s ambition of being recognized as an important international shipping centre. “This next stage in our development confirms our total commitment to Asia, and with the financial strength and re-affirmed S&P rating of AA for AXA Corporate Solutions, this will provide the absolute security and peace of mind demanded by our customers in Asia,” said Mike Davies, Singapore branch CEO.
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