Ascot Underwriting has announced plans to open an underwriting operation in Singapore.

The new office is Ascot's first overseas expansion on its direct account and it will initially write property, cargo, hull, energy and terrorism business.

The group opened the office in early December and accept business from the beginning of 2007, subject to approval from Lloyd's and the Monetary Authority of Singapore (MAS).

Subject to approvals, Ascot also announced two appointments for the new office. Scott Stewart is to become the operation's principal officer from next year. Stewart will join Ascot from Jardine Lloyd Thompson where he is managing director of Energy and Industry Risks in Singapore.

“This is an exciting venture for us and we are very optimistic of the huge opportunities that exist in Singapore, one of the fastest growing South-East Asian trading hubs with access to other countries in the region,” said Ascot chief executive Martin Reith.

He continued: “Local markets such as Singapore are becoming increasingly robust and vibrant. But we are well aware that risks that can be priced tend to remain there. This expansion will give those retail clients direct access to our superior expertise and credit rating, allowing us to build our business while diversifying our geographical profile.”