SINGAPORE (Oct 28): Great American Insurance Group has opened its first office in Singapore and Asia.

The Singapore office, located in the central business district, will focus mainly on providing insurance to small and medium-sized enterprises in specific sectors, such as the marine sector. The firm expects to hire around 100 staff locally to support its operations over the next five years.

"Market opportunities are abundant in Asia, particularly in the specialty classes such as marine and property, and Singapore's position as a mature, stable and substantial insurance hub makes it a natural entry point into the region, says Chee Keng Koon, chief executive of Great American's Singapore branch.