Wednesday, Sep 30, 2015
Dubai: The UAE-based financial advisers Nexus Investment Holdings has acquired a unit of Zurich Life Insurance Pte called Zurich Singapore, as it aims to double its business in 4-5 years, Tarun Khanna, chief executive at Nexus told Gulf News in an exclusive phone interview.
Zurich Singapore is Zurich Life’s direct sales agency in Singapore, which includes 157 advisers, and also 10 members of management and support staff that will be joining Nexus as part of the acquisition.
“Our goal will be to expand it (the Singapore operations). We would like to see this business increase meaningfully over the next five years, so we can target the other segment of the markets the European expat market, expand into other line of insurance like general insurance,” Khanna said. “Overnight, this acquisition will catapult us in becoming one of the largest advisory firms in Singapore,” Khanna said, adding he aims to double the business in 4-5 years.
However, no Financial details of the deal were disclosed.
“Our success at Nexus is dependent on a holistic approach to our insurance and financial services offering in the Middle East and we anticipate similar success in Singapore, with the transfer of the tied agency of Zurich Singapore,” said Mahmoud Nodjoumi, Chairman of Nexus Group.
The Zurich Life’s agency, which has been active in selling protection products, has been in the market since five years. In the Middle East, about five years ago, the company’s current chairman — Mahmoud Nodjoumi — took over the entire agency of Zurich Life in Middle East, which was later called as Nexus Advisors.
Goal:
Through the acquisition, Nexus Advisors plans to enhance its product offerings to its clients, and offer multiple protection products, savings products etc.
Nexus Singapore will be led by CEO, Gary Harvey, who has more than 26 years of experience in the financial services industry, including 13 years in Singapore. “Singapore presents an exciting growth opportunity for Nexus Group outside the Middle East. The Singapore financial advisory market is attractive due to increasingly sophisticated consumers seeking quality financial advice and a wider choice of products,” Harvey said.
Through Nexus Singapore, clients will be able to gain access to a wider portfolio licensed products and providers. Company representatives would have the opportunity to better utilise their full potential, offer holistic financial advice and market a broader range of products and solutions. Overall, this will help to shape a more competitive and transparent insurance market, which is the hallmark of a well-regulated, mature and developed market place, the firm said.
By Siddesh Suresh ?Mayenkar Staff Reporter
Gulf News 2015. All rights reserved.
