The Singapore branch of Swiss insurance group Nationale Suisse has been granted a licence to operate in the republic, the company said on Thursday.

It will now be allowed to insure risks directly and to offer facultative reinsurance, in which contracts are negotiated separately for each specific insurance policy, in Singapore and other Asian markets.

Nationale Suisse's offerings here will include tailored solutions in the engineering, marine and art sectors, it added.

The branch will operate under the name Swiss National Insurance Company (Singapore Branch) and will commence its activities with immediate effect.

"Our increased presence in Asia will bring us even closer to the market players in this up-and-coming region, enabling us to better exploit its potential," said Mr Hans Kunzle, chief executive officer of the Nationale Suisse Group, in a statement.