Marine and medical malpractice products to drive growth
JLT has bought Taiwanese broker ForVision Risk Services and is incorporating it into JLT’s existing operations in Taiwan.
ForVision’s founder, Sunny Chen (pictured), has been appointed chief executive of the combined entity. The current managing director of JLT Taiwan, aviation business specialist Muhshi Harn, assumes the position of chairman.
Chen said that the acquisition would broaden JLT’s capabilities in Taiwan, specifically in the marine, hi-technology and corporate sectors. “Many of our clients are high-tech and global businesses, and we also have a special team to take care of marine-related risk solutions,” he said. “The Taiwanese insurance market is growing in sophistication and knowledge, [and] companies are increasingly aware of the value of insurance broking.”
Chen, who worked for Aon for 15 years before establishing ForVision, said that the relatively small size of the Taiwanese market made it extremely competitive. “But if you have some special skills, knowledge, experience, you can still have a good client base to grow your business,” he said. “We are in a win-win position for our clients and shareholders, because JLT is one of the largest international brokers for business in Taiwan, and our team has more of a sales culture. We can work together to create the next growth stage for our company.”
Chen said that achieving increased penetration in the marine business was a specific objective of JLT Taiwan, but that other areas were also of interest. “A potential growth area is medical malpractice, as doctors, hospitals and clinics are increasingly concerned about malpractice exposure,” he said. “As risks are increasing and doctors themselves are becoming aware of these risks, there is an increasing demand for such products.
“In the past, the coverage and limits available could not satisfy their needs. This is why I spent the past three years bringing a comprehensive medical malpractice policy to Taiwan working with a professional underwriting agent in Australia.
“JLT today is able to cater to a range of different kinds of scenarios and exposures through their products and solutions.”