Freight Forwarding and Logistics Insurance Problems? Buy Your Own Broker!

CHINA - WORLDWIDE - Whilst most shipping operators favour particular insurance groups for their marine and goods in transit insurance policies, and freight forwarding collaborations negotiate collective deals to benefit their members by way of reduced premiums, some companies can afford to take more drastic action when it comes to ensuring they can get proper cover at the right rates. Kerry Logistics with its historical involvement in the Asian market has now decided to go one better with its latest investment.

The company has further expanded its business portfolio by entering into the insurance sector through the acquisition of Taishan Insurance Brokers Ltd. better known as TIB, which offers a full range of insurance brokerage and consultancy services in Asia. TIB is a risk management and insurance consulting firm, fulfilling a comprehensive range of insurance requirements for both commercial and industrial sectors through customised products and solutions. William Ma, Managing Director of Kerry Logistics Network said:

"This is a significant addition to the Group and will provide our customers in the region with a broader range of insurance products and services. TIB will also enhance the coverage and competitiveness of the group's services.”

The purchase was made for an undisclosed sum and Taishan Insurance Brokers (Philippines) Inc. is retained by owners the Singapore based Kuok Group as a separate entity. Speaking to the Handy Shipping Guide Kerry confirmed they had purchased 100% of Taishan Insurance Brokers Limited, the Hong Kong registered arm, from Kuok.

Photo: Hong Kong waterfront at night.