Transamerica Life Bermuda has appointed Rena Lim as chief distribution officer for Singapore, the insurer announced on Friday, reporting to Benjamin Chua, chief executive, Singapore.
She brings more than two decades of experience across the insurance and wealth sectors, spanning the affluent, high-net-worth and ultra-high-net-worth segments.
“We’re excited to have Rena on board as we strike new chords and set the tone for our next chapter, strengthening our presence in Singapore and unlocking new opportunities across the region,” the insurer said in a post on LinkedIn.
The hire follows the departure of the insurer’s chief commercial officer, global, Jeremy Young, who left to lead international brokerage and global high-net-worth distribution at Manulife.
Lim takes the role as competition for Asia’s wealthy clients intensifies, with insurers building larger underwriting capacity, integrated wealth services and cross-border platforms, and policy size emerging as a competitive differentiator.
McKinsey estimated this month that annual HNWI new-business premiums in Asia will reach US$100bn to US$140bn by 2030, while only 15% to 20% of the region’s HNWIs have so far built life insurance into their wealth planning.
