Specialist insurer Beazley has extended its distribution capabilities in Asia Pacific following the authorization by the Labuan financial regulator of a new service company.
The new company, Beazley Labuan Ltd., 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.
“The insurance markets in Malaysia and Asean are growing to meet the changing level of demand and risk of commercial businesses,” said Nicholas Tey, Beazley’s international financial lines manager for Asia Pacific, in a statement.
“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,” he added.
Source: Beazley
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Adjuster and Son Charged With Embezzlement in Roof Jobs 
USAA to Lay Off 220 Employees 
California Sees Two More Property Insurers Withdraw From Market 
Wildfires Are Upending Some of the Safest Bets on Wall Street 
