Wednesday, March 30, 2011
RHB Insurance appoints new CEO
PETALING JAYA: RHB Insurance Bhd has appointed Kong Shu Yin its new chief executive officer. Bank Negara has given the green light for the appointment, a source told StarBiz.
Kong took over from Koh Heng Kong who retired recently.
Prior to joining RHB Insurance, Kong was heading Kurnia's Asia Bhd's general insurance operations in Thailand - Kurnia Insurance (Thailand) Co Ltd.
He has also served as Kurnia Insurans (M) Bhd CEO from 2004 until 2008. Kong was replaced by Captain K.H. Chia who took over the post in 2008.
Kurnia Insurans is a subsidiary of Kurnia Asia, the largest motor insurance company in the country.
The source said RHB Insurance had been on the lookout for a suitable leader to bring the company to a higher level.
It felt that the appointment of Kong was timely due to his vast exposure in the insurance sector locally and regionally.
With the steep competition in the insurance sector amid the liberalisation in the financial services sector, the source said the company needed Kong to ride on the competition and introduce new ideas and strategies to the company.
Koh, who is chairman of the National Insurance Association of Malaysia (Niam), would step down from his position at Niam's AGM tomorrow.
RHB Insurance provides a range of general insurance services.
It offers property, automobile, marine and transit, liability, personal, engineering, and pecuniary insurance products.
The company's services include risk management/technical, auto assist, and small claims settlement scheme.
The company has offices in Penang, Ipoh, Kajang, Malacca, Johor Bahru, Kota Baru, Kuantan, Kota Kinabalu, Kuching, Sibu, and Sandakan. RHB Insurance is a subsidiary of RHB Capital Bhd.
RHB Insurance was incorporated in 1979 as NEM Insurance (M) Sdn Bhd. It changed its name to D&C Insurance Sdn Bhd in 1990. It was renamed RHB Insurance in July 1997.