Specialist insurer Beazley has extended its distribution capabilities in Asia Pacific following the authorisation by the Labuan financial regulator of a new service company.
The new company, Beazley Labuan, will support Beazley in building its presence in the Malaysian market and underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s syndicates. The classes include financial lines, cyber, political risk, terrorism and marine. Beazley Labuan Ltd will complement the underwriting and distribution capabilities of Singapore based service company Beazley Pte Ltd.
Mr Nicholas Tey, Beazley’s international financial lines manager for Asia Pacific, said: “The insurance markets in Malaysia and Asean are growing to meet the changing level of demand and risk of commercial businesses. We see strong opportunities to increase our presence here, supported by this new service company, Beazley Labuan Ltd which provides an additional, efficient distribution channel for Beazley to trade with local insurers and brokers in the markets.”