Announcement of Assignment of Reinsurance Broking Business in Singapore

May. 12. 2014
Marubeni Corporation

Marubeni Corporation (“Marubeni”), through Marnix Insurance Brokers Asia Pte. Ltd. (”MIBA”), a reinsurance broker wholly-owned by the Marubeni Group, has reached an agreement to acquire certain assets of THB Singapore (Reinsurance Brokers) Pte. Ltd. (“THB Singapore”).

THB Singapore runs a reinsurance broking business across Asia mainly with domestic customers, and has extensive and close connections with reinsurance companies across the region. MIBA will expand its customer base and widen and deepen relationships with reinsurance companies through this assignment of business, and thereby provide better and more stable services to its customers across Asia than previously. In addition, MIBA will take this opportunity to enhance its operation structure and become a truly international and trusted reinsurance broker with multinational employees.

Year by year, the penetration level of insurance in Asia is growing along with the economic growth in the region, and there is a growing need for reinsurance. The Marubeni Group currently has a share in ACR Capital Holdings Pte. Ltd. in Singapore, whose subsidiaries include Asia’s first pan-Asian reinsurer. Through this assignment of THB Singapore’s business, the Marubeni Group aims to expand its reinsurance broking business, enhance cooperation between its reinsurance broking business and reinsurance underwriting business, and contribute to the stable development of clients and their operations in Asia through reinsurance services.

In connection with the assignment of THB Singapore to MIBA, further business cooperation between Marubeni and THB Group will be established to enhance and expand the broking services of both MIBA and THB globally.

【Overview of MIBA】

Company Name :Marnix Insurance Brokers Asia Pte. Ltd.
Location :Singapore
Shareholder :Marnix Corporation (wholly-owned by Marubeni Corporation)
Chief Executive Officer :Tatsuya Okawa
Business :Reinsurance Broker
Founded :2010

【Overview of THB Singapore】

Company Name :THB Singapore (Reinsurance Brokers ) Pte. Ltd.
Location :Singapore
Chief Executive Officer :Nick Cochrane
Business :Reinsurance Broker
Founded :1997

【Overview of THB Group】

Company Name :THB Group, Limited
Location :United Kingdom
Chief Executive Officer :Frank Murphy
Business :Insurance Broker
Founded :1968