Tysers appoints William Furness-Smith as interim CEO of Singapore business

Specialist insurance and reinsurance broker Tysers has appointed William Furness-Smith as interim Chief Executive Officer of its Singapore operation following the departure of Babita Rai, who is leaving the business to pursue new interests.

The appointment marks a key leadership change for Tysers in Asia-Pacific, with Furness-Smith's permanent appointment subject to approval from the Monetary Authority of Singapore (MAS), reported by multiple media reports.

Regional expertise

Furness-Smith brings a strong track record within the business, having joined Tysers in 2015. 

He relocated to Singapore in 2024 to take up the role of Head of Marine APAC, where he was responsible for leading regional strategy and client development across the broker's Asia-Pacific network.

With more than 15 years of experience in marine broking, he has specialised in placing complex hull and cargo risks across international markets. 

Prior to joining Tysers, he held positions at Marsh & McLennan and worked as a dry cargo shipbroker.

Tysers said Furness-Smith's extensive experience and long-standing association with the region position him well to lead the company's insurance and reinsurance growth ambitions across APAC.

In his new role, he will work closely with colleagues in Singapore and across Tysers' wider international network.

Rai departs

Babita Rai leaves the business after helping strengthen Tysers' presence in Singapore and expanding its reinsurance capabilities in the region.

She joined Tysers as Managing Director in 2023 before being appointed CEO of Tysers Singapore in 2024. During her tenure, she focused on growing key business lines and deepening relationships with clients across Asia-Pacific.

Prior to joining Tysers, Rai held senior positions at JB Boda, UIB Asia Reinsurance Brokers and Guy Carpenter.

“Babita has helped to strengthen Tysers’ presence in Singapore. We thank her for her commitment and wish her every success in her future endeavours,” Tysers said.

Growth ambitions

Tom Wilson, CEO of Tysers, paid tribute to Rai's contribution while backing Furness-Smith to lead the next stage of the firm's regional expansion.

“We are grateful for Babita’s contribution to Tysers Singapore and wish her well in her next challenge.

“At the same time, we are delighted to welcome William to this role, an incredibly well-deserved internal promotion, and look forward to the next phase of Tysers’ growth in Singapore and across APAC.”

Wider restructuring

The leadership change comes as parent company AUB Group continues to reshape the Tysers business globally.

In January 2026, AUB announced plans to transfer Tysers' UK retail portfolios to Prestige Insurance, its newly established UK retail broking platform. The transaction is expected to complete before 30 June 2026 and forms part of a broader strategy to sharpen Tysers' focus on specialist and international operations.

The appointment also coincides with continued growth in Singapore's insurance market. 

According to GlobalData, the city-state's general insurance sector is forecast to reach SG$8.6 billion in gross written premiums by 2030, representing a compound annual growth rate of 6.3% between 2026 and 2030.

Marine, aviation and transit insurance lines are expected to remain key contributors to that growth, providing opportunities for brokers such as Tysers as they expand their presence across the region.