INSURER Aviva Singapore had prepared a war chest of S$100 million to S$150 million to poach 250 top agents from rival Prudential Assurance Company Singapore, the High Court heard on Tuesday in a high-stakes lawsuit that could see claims as high as S$2.5 billion.
PTO was the top producer at Prudential before the exodus took place. It pulled in S$141 million in new business profits and a total annual premium equivalent of S$192 million from 2011 to 2015. In noting that Mr Tan, who joined Prudential as an agent in February 1997, claimed his agency contracts had gone missing, Prudential made this comment in the opening statement:"Tellingly, Peter... only after the event reported to the police that his contracts with Prudential were 'lost'."
Mr Tan in his defence said it was not him but PTOMC that contracted with Aviva. He is not only denying he has non-solicitation obligation to Prudential, but also rejecting claims that he persuaded his agents to jump ship. Also, he points out that his departure from Prudential would anyway have prompted some of his agency leaders, and in turn agents to follow suit.