ChuBB press release
BAO
MINH PARTNERS WITH CHUBB
TO
MEET GROWING DEMAND
FOR LIABILITY INSURANCE
Release
date: 4th Sept 2007
BaoMinh,
the second-largest insurance company in Vietnam, and Federal
Insurance Company (Labuan), a wholly owned subsidiary of U.S.-based
insurance giant The Chubb Corporation, have signed an agreement to
offer specialty liability insurance. The partnership, which reflects
BaoMinh’s mission to provide a wide range of specialty insurance
products with quality customer service, will focus on writing
directors and officers liability policies.
Under
the agreement, Federal will provide technical training and capacity
to underwrite specialty liability insurance. BaoMinh will provide
marketing and local support for introducing these products into the
market.
In
announcing the agreement, Dr. Tran Vinh Duc, BaoMinh’s CEO,
highlighted the benefits of the agreement for the Vietnamese economy
and its financial sector.
“There
has been very strong growth in the export and financial sectors in
Vietnam,” he noted. “This rapid growth also poses risks that
drive the need for enhanced corporate governance. Insurers play a
key role in mitigating risks, providing stability to the sector and
comfort to consumers at large. This contributes to enhanced
corporate governance.”
Dr.
Duc also emphasized that the BaoMinh-Chubb partnership will build
local underwriting skills while creating products that address the
needs of the local market.
Speaking
on behalf of Federal, Michael J. Casella, senior vice president and
managing director for Chubb’s Asia-Pacific zone, explained his
company’s enthusiasm for the agreement between the two insurance
organizations. Through this partnership, we are making a two-fold
commitment to the Vietnamese business community. First, we jointly
intend to drive the specialty insurance industry forward through
quality in products and customer service. Second, we are committed
to work with BaoMinh to position it as a leading provider of
specialty insurance products to Vietnamese businesses.”
(Tham khảo thông tin bổ sung tại
http://www.vneconomy.com.vn/eng/?param=article&catid=0403&id=b03c3cc525006e)