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Interim Manager

Work Experience

Italian Experience
Adsideo BV - Consultancy projects 2009 –
– Research the possibilities for an American Asset Manager to start business in The Netherlands.
– Prepared business plan for exporting Italian wines to China and setting up a distribution network in China.
– Researched the possibility of a real estate fund specialised in shops in North Italy.
– Product development Financial services; development of Insurance/Pension products to influence and increase loyalty of staff in China.

Del Grillo Snr – Project development 2005 – 2008
Managed a small real estate holiday development project in the Piemonte, Italy

Asian experience
Adsideo BV – Personal ‘Retail Financial Services’ Consultancy 2004 – 2004
Consultancy assignments for The Economist in Hong Kong and Royal Sun Alliance in Shanghai

FORTIS 1990 – 2003
Fortis Insurance International – Singapore and Shanghai 1997 – 2003
General Manager Business Development from December 1997 to December 2001 and since than Partnership Manager and Chief Representative for China. Reporting to the CEO Asia and later also to a member of the Executive Committee. Areas of experience / expertise are:
• Strategy
o Prepared, with CEO Asia, the strategy for Fortis to enter the South East Asian markets in line with Fortis’ strength and possible competitive advantages. This resulted in a strategic focus on bancassurance partnerships. I was initially responsible for Malaysia, Indonesia and the Singapore joint venture Keppel Insurance. Subsequently prepared entrance strategies for India and Greater China.
o Advised partnerships in developing and implementing their strategy – Taiping Life changed their focus from individual (agency) to bancassurance business. In the first year bancassurance premium accounted for 71% of total premium and agency only 5%. The remaining 24% accounted for Group business. Total premium in the 1st full year (2002) was RMB 1.7b (45% over budget). The premium income for 2003 was over RMB 3.5billion. In 2004 Taiping Life was granted a license to start a pension Company. Development since has been phenomenal.
• Business Development / M&A
o Developed key partnership opportunities with leading financial institutions in various Asian countries like India, Thailand, Malaysia and China. In all these countries Fortis was selected in at least once as the preferred partner of choice. In Malaysia and China this resulted in a partnership. In India Fortis decided to withdraw on non-commercial grounds on two occasions, while Fortis has since formed the joint venture with IDBI in India. Fortis also formed the joint venture with Muang Thai in Thailand.
Investigated potential partnerships in most other Asian countries.
o Led the team and the negotiations for the investment of US$ 88m for 25% of Taiping Life in China with an option to increase the shareholding to 49% in 2005. According to the senior management of China Insurance (CIIH- the seller of Taiping) I was the reason for them to choose Fortis over HSBC. I was responsible for hiring of three (Chinese) Fortis secondees for Taiping Life, from Malaysia, Singapore and Hong Kong.
o Played a key role in the negotiations and finalising of the joint ventures with Maybank. Fortis’ investment was RM 344m for 30% of the insurance subsidiaries of Maybank. I identified the Fortis secondees from the Netherlands.
o Specific activities
 Convinced parties, through presentations and discussions, of Fortis’ added value to their organisation. This resulted six times in Fortis being selected as the preferred partner of choice.
 Performed operational due diligence before and during the negotiations.
 Organised workshops business planning and prepared the outline of the initial business plans for Malaysia JV and prepared the business plan for Taiping Life
 Reviewed business plans and valued insurance businesses (valuation / pricing)
 Identified and hired expats from within (3 for Malaysia) and outside (3 for China) Fortis to work for the JV as Fortis secondee.
 Drafted / prepared bid letters; drafted joint venture and sale & purchase agreements
• Partnership management
o This role combined the management of the partnership(s) and to provide maximum support to partnership management and our secondees.
o Assisted / directed management to build their business if and when required
 Original projections by Fortis for Taiping Life were RMB 35b in year ten. The latest projections are between RMB 80b to 100b in year ten.
 In year one Taiping collected a total of RMB 1.7b premium against an original budget of RMB 240m, which was presented during our first official meeting with management. This was later adjusted to RMB 1.2b after reviewing and changing the strategy towards bancassurance.
o ‘Sparring’ partner for Fortis secondees and management on qualitative issues if and when required. In Malaysia assisted the bancassurance project manager to start the project in the bank and the insurance company. In China advised on management issues and strategic marketing issues and product development. Also assisted in sales by introducing them to international companies.
o Identified areas of possible Fortis added value and then arranged the delivering through secondment or workshops.
o Member of the various Boards and Supervisory Boards of the Joint Venture companies and their subsidiaries in Singapore, Malaysia and China.

• Other duties
o Responsible for managing, including setting-up, the Representative Offices in Singapore (9 staff) and Shanghai (4 staff).

Dutch experience
VSB Bank N.V. (Fortis) – Member Management Team Commercial Affairs 1996 – 1997
Responsible for product development and marketing of insurance (life and non-life) and pension products to be sold through the bank channel. Developed a new, very advanced, current account product line for the bank, which was also to be used as a ‘Universal Life/Unit Linked administration system for the insurance company. A member of the ‘BPM’ (for the insurance business within the bank) management team.

VSB Leven N.V. (Fortis) – Director / COO 1990 – 1997
Setting up and developing a new life insurance company to provide financial/insurance solutions for the bank’s customers. Developed and automated a ‘Universal Life’ administration and control system, which resulted in a very low cost ratio of 1.7%. Realised a ROI of 35% after taxes. Furthermore I was responsible for product development and the coherent commercial policy next to administrative processing and the actuarial foundations for premium and reserve calculations.


American Life Insurance Company (AIG) – Marketing & Sales Manager 1984 – 1990
Transformed the ‘Direct Marketing/Sales Force’ (less than 10) distribution to a Brokerage distribution.
Developed and introduced the first real Universal Life insurance product in the Netherlands.

Zwolsche Algemeene N.V. – Sales Manager Brokers The Hague (life insurance) 1980 – 1984
Insurance Brokers in The Hague and Rotterdam – Sales Manager 1977 – 1980
N.V. Levensverzekering Mij ‘ De Hoop’ – Actuarial mathematician 1974 – 1977

Education

School
HBS B (University level) diploma 1965 – 1972

Courses
Actuarial mathematician 1975 / 1976
Dutch insurance certificate B (Certificate) 1977
Dutch insurance certificate A 1978
Specialist diploma Life Insurance (Certificate) 1979
INSEAD Singapore – Strategic Management in Asia 1999

Skills

- Experienced team and business builder with sound commercial & analytical capabilities.
- Strategic thinker and problem solving ability
- Hands-on and dedicated to quality & integrity.
- Record of successful development of insurance companies with various distribution methods
- Marketing and product development expertise in retail financial services
- Experienced in negotiating cross-culture joint venture partnerships, financial analysis, valuation and business planning

Languages

Dutch – mother tongue
English – fluent
German – reasonable
French – reasonable
Italian - reasonable

Other

Active as speaker on Insurance seminars and Vice Chairman of the Benelux Business Association in Shanghai
Active in voluntary work for sports clubs:
Vice Chairman and secretary of the Royal Hague Cricket & Soccer Club and later Chairman of its cricket club, the Hague Cricket Club (HCC)
Interested in history, cultures, traveling and sports

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