Markel International appoints Sucheng Chang to lead Asia Pacific operations
In his new role, Chang will head up Markel International's Asia Pacific business, which operates from its regional hub in Singapore and from offices in Australia, Hong Kong, China, India, Malaysia and Dubai. He will be responsible for leading the strategic direction of the business, centered on maximizing profitable growth and delivering exceptional client and broker service.
Markel International's Asia Pacific business has witnessed significant expansion in recent years, following investment made as part of its Accelerate Asia Pacific strategy. Since 2019, GWP has increased by approximately 600%, underwriting profitability has improved and the number of employees in the region has increased by nearly 300%.
Chang will take over from Christian Stobbs, who earlier this year announced his decision to leave the Asia Pacific region, remaining with Markel in another role.
Commenting on Chang's appointment, Andrew McMellin, President of Markel International, said: 'Sucheng is a highly strategic and well-respected leader within the Asia Pacific market, and I'm thrilled that he's joining Markel to lead our regional business in the next phase of its development. The Accelerate Asia Pacific strategy is a cornerstone of the profitable growth agenda at Markel International. I've no doubt that Sucheng's leadership qualities and his significant experience of scaling insurance operations in Asia will help us to build on this momentum as we push it forward to even greater success.'
Chang added: 'Markel has made huge inroads in Asia Pacific and today is a well-respected insurance partner to clients and trading partners in the region, renowned for its focus on exceptional service and customer outcomes. I therefore couldn't be more excited to lead the next phase of the expansion of Markel's Asia Pacific business, building on the progress that's been made to expand our presence even further and take advantage of the opportunities available in the US$300-billion GWP Asia-Pacific insurance market.'
Chang arrives at Markel with significant experience scaling insurance operations across the Asia Pacific, most recently as Chief Executive Officer, Hong Kong, for Aon. Prior to joining Aon, Chang spent more than 13 years at Liberty Mutual in strategic roles, including Chief Distribution Officer, Global Retail Markets East and Chief Executive Officer of Liberty Insurance Singapore. He holds an MBA from Yale University and BA from Boston University.
About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Logo – https://mma.prnewswire.com/media/2090808/Markel_primary_logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/markel-international-appoints-sucheng-chang-to-lead-asia-pacific-operations-302476009.html
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
15 minutes ago
- Malay Mail
Indonesia central bank surprises markets with 5pc rate cut to spur growth
JAKARTA, Aug 20 — Indonesia's central bank unexpectedly announced a cut in its key interest rate on Wednesday in a bid to boost economic growth just days after President Prabowo Subianto touted an expectation-defying economy. Bank Indonesia lowered the benchmark seven-day reverse repurchase rate by 25 basis points to 5 per cent, citing a need to bolster stability and growth. 'This decision is consistent with the continued low inflation forecast for 2025 and 2026... the maintained stability of the rupiah, and the need to promote economic growth in line with the economy's capacity,' said Bank Indonesia governor Perry Warjiyo. 'The low inflation will give room for more interest rate cuts.' It was the fifth cut since September, despite economist predictions the central bank would hold this time around, and the lowest rate since late 2022. It comes after Indonesia recorded positive second-quarter economic results of more than five per cent growth after Prabowo's government set an ambitious goal of eight per cent when he took office last year. He lauded the figure in his first state of the nation speech last week. Bank Indonesia had projected at the start of the year that economic growth would be slower in 2025 compared to last year. London-based business research centre, Capital Economics, called the move a surprise but said more rate cuts could be expected. 'With inflation subdued and GDP growth likely to slow, we think there's scope for more easing over the rest of this year,' wrote Capital Economics' Jason Tuvey in a note. 'We now expect rates to be lowered to 4.50 per cent by year-end.' — AFP
Malay Mail
2 hours ago
- Malay Mail
Dr Zaliha says PPR eviction fears overblown, genuine B40 tenants safe under DBKL's ‘whitening' process
KUALA LUMPUR, Aug 20 — The government has assured that genuinely eligible B40 households will not be affected by the ongoing People's Housing Programme (PPR) whitening exercise carried out by Kuala Lumpur City Hall (DBKL). Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa said the Madani government inherited a big challenge in ensuring that PPR facilities truly reach those who are in need. She said that with rental rates as low as RM124 per month, PPR homes are among the government's major subsidies to help B40 families live more comfortably in the capital city, and the whitening process aims to ensure fairness in the allocation process. 'I felt compelled to respond to the issue of PPR eviction notices that have caused public concern in recent days. For those affected and wishing to appeal, they can do so within 30 days. 'For tenants facing rental arrears, DBKL is ready to negotiate instalment rates and schedules. Tenants only need to pledge to comply with the agreed schedule so that they can continue to stay in the PPR homes under the agreed-upon terms,' she said in a Facebook post today. Zaliha said DBKL has set clear eligibility conditions for tenants, including being a married Malaysian citizen couple, having a household income not exceeding RM3,000 for low-cost and RM4,000 for medium-cost units. Tenants must also not own any property or land within 35 kilometres of the city centre, hold the status of widow, widower, single parent, living or working in Kuala Lumpur, and be registered with DBKL. 'The whitening process conducted by DBKL is to enforce these conditions. 'Tenants were notified six months before the end of their lease, which is a standard review procedure carried out each time a rental contract expires,' she explained. She said out of the 3,379 tenants reviewed, 3,031 tenants or 89.7 per cent remain eligible and can continue renting, while 348 tenants or 10.3 per cent failed to have their leases renewed due to violations such as high rental arrears, household income exceeding eligibility limits, owning property within 35 km of Kuala Lumpur, non-citizen status of spouses, and not residing in the PPR unit. 'For the record, current arrears for PPR and DBKL public housing have reached up to RM70 million. This long-standing issue must be boldly addressed to ensure public housing initiatives are fair and truly assist those in need. 'Vacant units resulting from the whitening exercise will be reassigned to applicants with the greatest need,' she said. — Bernama
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Thai data centre capacity may triple on surging demand for AI
The Thai Data Center Association said the nation's data centre capacity is expected to rise to about 1GW in 2027 from 350MW in 2024. (ETX Majelan pic) BANGKOK : Thailand's data centre capacity is expected to triple in the next three years as investments of about US$6.5 billion pour into the sector to meet surging demand for cloud computing and artificial intelligence. The nation's capacity is expected to rise to about 1GW in 2027 from 350MW in 2024, said Supparat Singhara Na Ayutthaya, vice chairman of the Thai Data Center Association. 'A data centre requires an investment of about US$10 million for each megawatt,' he said. 'Thailand has drawn tremendous interest for new data centre investments with its steady power generation and water supply,' Supparat said in an interview this week. Alphabet Inc's Google, Inc, Microsoft Corp and Nvidia Corp are among global tech giants spending billions of dollars on AI infrastructure in Thailand and across Southeast Asia. 'There will be many more global technology companies further diversifying their data centre facilities to Thailand,' Supparat said. The expansion of Thailand's data centre sector comes as the nation, a longtime manufacturing powerhouse for automobiles and electronics, accelerates efforts to boost its high-tech industries. The government wants Thailand to catch up to countries such as Malaysia and Singapore, regional leaders in data centre and cloud computing services. In the first half of the year, Thailand's Board of Investments approved investment applications worth ฿322 billion (US$9.9 billion) for 36 tech projects, most of which were data centres, according to its website. 'The data centre association is awaiting clarity about the US plan to restrict shipments of AI chips and what effect that could have on the nation's data centres,' Supparat said.
