Zurich, which established a presence in Singapore back in 2006 when the Middle-East based Nexus Group was founded, said the move came amid regulatory changes in the Singaporean life insurance market and a proactive approach towards more transparency, wider product choice and higher advice standards was needed.

“This strategic initiative is a decision made in tandem with local market trends and developments to ensure that Zurich is continually aligning itself to best meet the needs of its customers, distributors and the local Singapore market,” said Oscar Carrillo, interim chief executive of Zurich Life Singapore.

“The Nexus Group is a highly trusted, long-standing partner of Zurich and has successfully introduced the independent distribution model in several key insurance markets in the Middle East with great success.”

The newly-created Nexus Singapore operation, which will have no ownership by Zurich, will be led by chief executive, Gary Harvey, who has more than 26 years of experience in the financial services industry of which half have been in Singapore.

“The Singapore market presents a number of exciting opportunities for the growth of the Nexus business outside the Middle East. Not only is the dynamic local life insurance market attractive, Page 2 but Singapore offers a well regulated and governed marketplace, a growing population of wealth and good geographical access to the rest of Asia,” said Harvey.

Nexus Singapore will initially focus on the city-state's mass affluent market, advising on life, savings and investment products, and will look to expand into the high net worth market segments in due course. Zurich added that all existing customer commitments will remain the same.