Bao Minh Partners with Chubb to Offer
Specialty Liability Insurance

Bao Minh, the second-largest insurance company in Vietnam, and Federal Insurance Company (Labuan), a wholly owned subsidiary of US-based The ChuBB Corporation, have signed an agreement to offer specialty liability insurance, focusing on directors and officers liability.

Under the agreement, Federal will provide technical training and capacity to underwrite specialty liability insurance. Bao Minh will provide marketing and local support for introducing these products into the market.

"There has been very strong growth in the export and financial sectors in Vietnam," said Dr Tran Vinh Duc, Bao Minh's CEO. "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 emphasised that the Bao Minh-ChuBB partnership will build local underwriting skills while creating products that address the needs of the local market.

Speaking on behalf of Federal, Mr Michael J Casella, senior vice president and managing director for ChuBB's Asia-Pacific zone, said: "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 Bao Minh to position it as a leading provider of specialty insurance products to Vietnamese businesses."