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Dubai, United Arab Emirates - Nexus Investment Holdings, Isle of Man (Nexus Group) has announced that it will be taking over the tied agency of Zurich Life Insurance Pte. Ltd ('Zurich Singapore'), marking the region's leading financial advisor's first presence in Asia. This transaction includes the transfer of approximately 150 financial adviser representatives from Zurich Singapore, covering the local market.
"The expansion of Nexus Group into Singapore demonstrates our world-class expertise in the field, and is a testament to our unwavering commitment to provide best in class insurance services to our clients around the world," said Mahmoud Nodjoumi, Chairman of Nexus Group. "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."
"We identified Singapore as a key market in the insurance industry, being an efficiently regulated and governed market, composed of an increasingly wealthy population, and strategically positioned in in Asia," added Tarun Khanna, CEO of Nexus Group.
Nexus Group has been a long standing Zurich partner in the Middle East having successfully implemented its independent distribution model in the key insurance markets of the Middle East following the Management Buy Out of the Zurich International Life Direct Distribution Network in the region in 2006.
Registered in Singapore as Nexus Financial Services Pte Ltd ('Nexus Singapore'), a newly established financial advisory firm licensed by the Monetary Authority of Singapore, Nexus Singapore will market Zurich and other insurance company products to give clients a wide range of options to meet their specific needs. The initial phase of the transaction will focus mainly on the local mass and mass affluent markets, with future plans to expand into the high net worth and expatriate market segments.
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. Gary joins Nexus Singapore with highly ambitious expansion plans for the local market, including building a strong adviser network across multiple client segments 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.
We believe that Nexus Group is well placed to achieve strong results in Singapore due to its reputation and strong track record as a trusted financial adviser in the Middle East coupled with a strong Singapore leadership team and the highly motivated adviser force that will be joining us from Zurich" said Gary Harvey, CEO, Nexus Singapore.
Commenting on the transition Oscar M. Carrillo, Ad Interim Chief Executive Officer for Zurich Life Singapore said: "This new 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 clients, distributors and the local Singapore market.
"Nexus 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. Nexus Singapore has brought together a highly experienced team of local and global senior managers, who are well equipped with the necessary on-the-ground expertise and know-how to navigate the local market and establish a robust financial advisory distribution model in what is an increasingly competitive insurance landscape in Singapore," Oscar M. Carrillo added.
Through Nexus Singapore, clients will be able to gain access to a wider portfolio of licensed products and providers. Company representatives have the opportunity to better utilize 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.
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About Nexus Group of Companies
Nexus Group is the Largest Independent Financial Adviser in the region offering a complete range of insurance, savings and investment products to both Corporate and Individual clients.
As qualified professionals, Nexus is a company you can trust. And as an independent organisation, free from ties to a particular product provider, it can meet those needs with carefully selected solutions from the world's foremost Financial Services & Insurance Companies.
Nexus has around 390 qualified professional consultants and is supported by a cadre of 130 dedicated and qualified support staff in the Middle East region offering a broad range of licensed products from regulated providers.
The Company was founded in 2006 by Mahmoud Nodjoumi, Owner and Chairman, through a management buy-out of the Zurich International Life Direct Distribution Network which was established in the region in 1989.
With more than two decades of experience in the GCC (Gulf Cooperation Council), Nexus operations are located in Dubai, Abu Dhabi, Qatar, Lebanon, Kuwait and the Kingdom of Bahrain to underpin a professional and quality level of service to clients.
We are regulated for the provision of Life Insurance, Savings Plans, Corporate Pensions Group Medical and Life programs as well as various classes of Personal lines and Commercial Insurance also including Employee Benefits.
Media contact
Manal Ismail, Wallis Marketing Consultants, +971 4390 1950, nexus@wallis-mc.com
© Press Release 2015
