Dubai-based Nexus group, has announced acquiring Zurich Life Singapore with all of its 160 appointed financial advisers.
Established in 2006 in the Middle East through a management buy-out of the distribution arm of Zurich International Life, Nexus Middle East has over 370 professional consultants. (The financial adviser representatives transferring to the newly-established Nexus Singapore operation will be independent of the Zurich going forward). Terms of the deal is not disclosed.
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More details follows from Gulf News:
The UAE-based financial advisers Nexus Investment Holdings has taken over a unit of Zurich Life Insurance Pte Ltd, as it aims to double its business in four to five years, Tarun Khanna, chief executive at Nexus told Gulf News in an exclusive phone interview.
Nexus is taking over the tied agency of Zurich Life Insurance Singapore which includes 160 financial adviser representatives, and ten members of management and support staff who will be joining Nexus, as part of the deal.
“Our goal will be to expand the Singapore operations meaningfully. We would like to see this business increase over the next five years, so we can target the other segments of the Singapore market, including the European expatriate and NRI (non-resident Indian communities), and expand into other lines of insurance including general insurance and employee benefits,” Khanna said.
“Overnight, this transaction will catapult us into becoming one of the largest advisory firms in Singapore,” Khanna said, adding that he aims to double the business in four to five 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 and savings products, has been active in the Singaporean market over the past several years.
In the Middle East, Mahmoud Nodjoumi (Chairman of Nexus) took over the entire distribution agency of Zurich Life in Middle East, which was renamed Nexus Insurance Brokers LLC in 2006.
Through the takeover, Nexus Group plans to enhance its product offerings to its clients, and offer protection and savings products from multiple insurance company providers 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.
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