Beazley agrees financial lines tie-up in Hong Kong

January 10 2019 by InsuranceAsia News Staff

Beazley has opened a financial lines capacity arrangement with Hong Kong-based Lloyd’s coverholder Pegasus Underwriting.

Pegasus opened last July, initially targeting marine business, and will now offer cyber, directors’ and officers, medical malpractice and professional indemnity through Beazley.

The coverholder is headed by insurance veteran Tony Lau, who has spent more than 40 years in the industry and worked at Marsh before moving into underwriting. Yvonne Leung has been recruited to help develop the financial lines portfolio. She has 20 years of underwriting experience and was previously a financial lines underwriter with XL Catlin.

The arrangement with Pegasus will allow Beazley to serve brokers in Hong Kong from its underwriting hub in Singapore. Nicholas Tey, Beazley’s financial lines regional manager for Asia, will be working closely with the Pegasus team to jointly build up the Hong Kong financial lines portfolio.

Lucien Mounier, head of Asia Pacific at Beazley, said: “We are very pleased to be working with [Pegasus] in Hong Kong as we continue to target niche growth opportunities across the region.”

Lau said: “Our focus is on building our specialty business through strong partnerships and we are delighted to be working with Beazley, which shares our ambition and long-term objectives.”

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