Chubb and Vietnamese Insurer to Meet Growing Demand for Specialty Liability Insurance
WARREN, NJ.- Bao Minh, 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 Bao Minh’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. Bao Minh will provide marketing and local support for introducing these products into the market.
In announcing the agreement, Dr. Tran Vinh Duc, Bao Minh’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 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, 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 Bao Minh to position it as a leading provider of specialty insurance products to Vietnamese businesses.”
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