The former Zurich head of captive management and business development for Asia Pacific (APAC), Sean Welsch, has launched a new captive management company, Welsch Captive Management, in the region.
Welsch Captive Management will provide the full spectrum of services, including feasibility services, captive management, compliance, captive fronting and international programme structures, and advisory solutions, amongst others.
Based in Singapore, the company will be offering solutions across the whole APAC captive market and is also targeting potential clients from outside the region that may be interested in moving in.
Welsch is currently the only member of staff as the company’s portfolio is still in build-up.
He expects some advisory business to come through before the end of the year and is working on a captive formation for early 2019.
Welsch explained: “In terms of captive formations, I am working on one that has stalled a little due to internal struggles at the company but that should be ready hopefully at the beginning of the year, hopefully in January or February.”
Having spent nearly half of his 11 year Zurich career in Singapore, he said he had identified an issue in the region which could be solved.
He explained: “Welsch Captive Management fills a need, specifically in Singapore and in APAC as a whole, because there are no other independent captive managers.”
“Insurance is a passion of mine, so it was a no-brainer to go this direction. It is not a saturated market, there isn’t really any competition here.”
“I am an insurance person, not a broker, I have a different view and am focussed on what can be done with a captive in terms of solutions to help customers to address their needs and utilise captives to the full.”
He added: “Welsch Captive Management is a continuation of what I have been doing but more focussed on APAC and on the customers. Cutting the tie of having to deal with the corporate part and rather going out and helping people because that is what I do best.”
“There is a wide space that needs to be catered to and there is a lot of education that still needs to be done for APAC to get to a similar place to Europe and the US.”