Berkshire Hathaway enters surety bond market in Asia

Berkshire Hathaway Specialty Insurance Co. has entered the surety bond market in Asia.

BHSI’s surety division will initially focus on civil contractors, general builders, engineering firms, equipment manufacturers, suppliers and fabrication firms, BHSI said Tuesday in a statement.

Singapore-based Andrew Ho will serve as vice president, head of surety, Asia. Previously, Mr. Ho was director of trade programs and credit insurance at Standard Chartered Bank P.L.C., according to the statement.

“A strong surety offering is a welcome addition to the marketplace and rounds out our broad range of coverages for construction and commercial customers in Asia,” Marcus Portbury, BHSI’s senior vice president and regional head of third-party lines in Asia, said in the statement.