The London-based Chaucer Syndicates Limited, the managing agency subsidiary of Lloyd's insurer Chaucer Holdings PLC, has announced plans for the formation of a new Singapore-based company to underwrite Asian risks.

"The proposed new company, which will initially underwrite offshore energy and other marine lines on behalf of Chaucer Syndicate 1084, will appoint Chris Wildee as chief executive," said the company. Creation of the new company and appointment of the chief executive is subject to the regulatory approvals of the Monetary Authority of Singapore and Lloyd's.

Chaucer claims the new venture, which it claims complements Chaucer's Danish operation, supports the long-term objectives of broadening the distribution channels to increase the breadth and quality of business shown to the Group.