UK insurers CGU expands team in Singapore

Charles Anderson arrives from London to build the company''s savings and wealth management business in Asia.

CGU, one of the UK's largest insurance companies, has seconded Charles Anderson to Singapore to build the group's savings and wealth management business in the region. The appointment comes three months after CGU acquired the Insurance Corporation of Singapore from DBS.

Anderson's title will be managing director for Asia, and will be responsible for growing and developing the company's long-term savings business in Singapore, Malaysia, Thailand, China and India. In September, CGU was awarded a license by the Chinese government to set up a life insurance company on the mainland, while in India the company is just about to launch a joint venture life business that will commence operations early next year.

A career banker, Anderson comes from CGU's life business in the UK where he had board level responsibility for the group's 1.5 billion sterling bancassurance joint venture with Royal Bank of Scotland. He also managed personal finance operations, the commercial mortgage business and distribution through UK building societies. At his new post in Singapore, Anderson will be directly involved with the company's bancassurance partnership with DBS.

Prior to joining CGU, Anderson was managing director of BNY International, the UK-based commercial finance operation of the Bank of New York. This was preceded by a 20-year career in banking and finance at Lloyds TSB.