Aon Names Marguerita Silitonga As President Director Of Its Reinsurance Solutions In Indonesia
AON, a leading global professional services firm, named Marguerita Silitonga as president director of Reinsurance Solutions in Indonesia, effective immediately.
Based in Jakarta, Silitonga reports to Musa Adlan, executive director and head of Reinsurance Solutions in South East Asia. In her new role, Silitonga will be responsible for developing and executing strategy, driving growth and managing all operations for Aon’s Reinsurance Solutions in Indonesia.
Silitonga served previously as a senior relationship manager and treaty broker for a number of key clients at Aon, gaining additional business operations responsibility. She joined Aon from MSIG Indonesia in 2020, after more than 12 years in reinsurance strategy optimization.
Commenting on the appointment, Adlan said: “During her time at Aon, Marguerita has demonstrated effective leadership and a deep understanding of Indonesia broking operations. She has been critical to our recent successes, and her contributions have played a major part in executing our growth strategies and helping to shape better business decisions for clients. I wish her well in her new role.”
Silitonga has passed the Fit and Proper Test required by the Indonesia financial services regulator OJK.
PT Towers Watson Purbajaga and PT Towers Watson Indonesia announce merger in Indonesia
WTW, a leading global advisory, broking and solutions company, announced that it is changing its legal structure in Indonesia to streamline its business operations in the country.
The legal entity, PT Towers Watson Purbajaga (TWP), will merge with PT Towers Watson Indonesia (TWI), and operate under PT Towers Watsons Indonesia. Effective today, TWP will be dissolved and ceased to exist. Under the terms of the merger, there will be no material difference in dealing with WTW because of these changes.
Kames Natakusumah, Head of Indonesia and Head of Corporate Risk & Broking Indonesia, WTW said “The merger of the entities will not affect our approach to the work and services that we provide for our clients. Our focus has always been on providing our clients with professional services of the highest standard and this will continue.”
WTW colleagues from TWP will be transferred to TWI and the points of contacts for WTW clients in Indonesia will remain the same.
Deutsche Bank trades highest volumes on Indonesia’s first interbank FX engine
Deutsche Bank announced yesterday it was the first foreign bank to have won in the Most Volume Traded category, at the inaugural Refinitiv FX Awards in Indonesia. The award recognises Deutsche Bank for its leading role in Refinitiv Matching, which is Indonesia’s first interbank electronic marketplace for Rupiah trading.
The Refinitiv FX Awards is held regionally across Thailand, Vietnam and now Indonesia, Southeast Asia’s largest economy. It aims to promote transparency and liquidity in foreign exchange markets in these fast-growing economies.
As part of the selection process, Refinitiv analysed FX trading activity contributions in Matching, its global electronic trading platform launched in Indonesia in 2021. Matching offers traders a single source of access to multiple FX trading venues.
Deutsche Bank Head of FIC Trading, Indonesia, Francis Soetopo, said, “Refinitiv has an unparalleled FX solution that offers deep price discovery, concentrated liquidity and efficient execution for traders. This award reflects the market-making expertise of our Indonesian platform across asset classes, from fixed income to currencies.”
“Indonesia remains one of the key destinations for emerging market investors and we look forward to continuing our partnership with Refinitiv to meet emerging client and market demand,” he added.
Deutsche Bank was additionally recognised as a leading provider of APAC FX trading services at the annual Asiamoney FX Survey (2021), which is widely considered a benchmark league table for the FX market. It was also named FinanceAsia’s Best International Investment Bank in Indonesia in 2021. The bank was one of the first foreign banks in Indonesia to transact Domestic Non-Deliverable Forwards, an important FX hedging tool for corporates and investors.
Refinitiv is a subsidiary of London Stock Exchange Group (LSEG), one of the world’s largest providers of financial markets data and infrastructure.
Deutsche Bank named Best International Investment Bank in Indonesia
Deutsche Bank has been named Best International Investment Bank for Indonesia in the Finance Asia Country Awards 2021.
The franchise was recognised for its strength both in debt capital markets and M&A advisory, as well as its strength in fixed income global markets trading.
Indonesia Chief Country Officer Siantoro Goeyardi said: “Being recognized as Best International Investment Bank is testament to our long term commitment to Indonesia, strength of relationships, cross-regional teamwork, and the innovative structuring we provide clients.”
In debt capital markets, Deutsche Bank led various debt issuances for the Republic of Indonesia and corporates, including the largest green bond from Southeast Asia last year.
In M&A, Deutsche Bank was financial adviser for the two largest Indonesian cross-border M&A transactions in 2020, with total transaction value of over USD 4 billion.
In fixed income markets, Deutsche Bank was recognized as the 2020 Best Main Dealer of the Year in Indonesia. Deutsche Bank is consistently one of the largest market makers and traders of Indonesia Rupiah (IDR) Government Bonds in primary and secondary market, serving as a key proponent of Indonesia’s credit story to global rates and macro investors.
In FX, Deutsche Bank was one of the first foreign banks to transact the Domestic Non Deliverable Forwards (DNDF), and today ranked in the top three to deal DNDF, which is an important foreign exchange hedging tool for corporates and investors.
“During a year like no other, the Indonesia team rose to the challenge and delivered for our clients and franchise,” Goeyardi added.
Zurich becomes the largest international P&C insurer in the attractive long-term growth market of Indonesia
– Zurich completes acquisition of Adira Insurance in Indonesia, as it continues to expand in growth markets
– Transaction includes distribution agreements with two of Indonesia’s leading financial institutions, expanding Zurich’s global distribution network
Zurich Insurance Group (Zurich) has become the largest international property and casualty (P&C) insurer in Indonesia – a market of over 260 million people – after completing the acquisition of 80% of PT Asuransi Adira Dinamika (Adira Insurance). The business was acquired from PT Bank Danamon Indonesia (Bank Danamon) and a minority stakeholder.
The transaction includes long-term distribution agreements with Bank Danamon, Indonesia’s fifth-largest bank by market capitalization, and Adira Finance, the country’s second-largest provider of motorcycle and car financing solutions. These agreements strengthen Zurich’s strong network of more than 70 distribution agreements worldwide.
“Indonesia’s growing economy, rapidly expanding middle class and low insurance penetration present great opportunities,” said Jack Howell, CEO of Asia Pacific and member of Zurich’s Executive Committee. “The acquisition of Adira Insurance is a good illustration of our strategy of achieving positions of scale in attractive growth markets and strengthening our distribution channels.”
Adira Insurance is among the top 10 P&C insurers in Indonesia. It generated gross written premiums of USD 170.4 million in 2018 and has leading positions in Indonesia’s motor and takaful insurance markets. Bank Danamon will continue to hold a stake in Adira Insurance close to 20%.