Beazley targets Malaysia with Labuan openingApril 21 2020 by Andrew Tjaardstra
Beazley has gained approval from the Labuan Financial Services Authority for the authorisation of a new service company.
The aim of Beazley Labuan is to help build its presence in the Malaysian market and help provide reinsurance on behalf of Beazley’s Lloyd’s syndicates. The classes it is targeting include cyber, financial lines, marine, political risk and terrorism.
Labuan, an offshore financial centre under the federal territory of Malaysia, has long been a favourite for insurers and reinsurers to establish an operation under a low tax jurisdiction – however it has increased its minimum requirements for companies over the last 18 months.
Nicholas Tey, Beazley’s international financial lines manager for Asia Pacific, commented: “The insurance markets in Malaysia and Asean are growing to meet the changing level of demand and risk of commercial businesses.”
Tey added: “We see strong opportunities to increase our presence here, supported by this new service company, Beazley Labuan which provides an additional, efficient distribution channel for Beazley to trade with local insurers and brokers in the markets.”
Beazley Labuan will complement its Singapore office at Lloyd’s in Capita Green and its operation in Lloyd’s China. Last year Beazley agreed to take a 30% stake in Hong Kong-based Lloyd’s coverholder Pegasus Underwriting for an undisclosed sum.
All companies based in Singapore – including all syndicates at Lloyd’s – are currently working-from-home as they navigate the Covid-19 situation which has flared up again in the Lion City.
Lucien Mounier, head of Asia Pacific at Beazley, recently confirmed to InsuranceAsia News that its working-from-home policies in the region are working well and that its Asia expansion plans are continuing.
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