Beazley and Hong Kong-based coverholder Pegasus Underwriting Limited (PUL) have entered into a financial lines capacity arrangement, as part of the global specialist insurer’s bid to expand its insurance offering in the Asian markets.
According to a statement by Beazley, the partnership seeks to harness PUL’s knowledge of the market and its broking relationships and combining it with Beazley’s expertise in underwriting specialist risks and capacity across professional indemnity, directors & officers, cyber, and medical malpractice lines. The arrangement will enhance Beazley’s ability to serve brokers in Hong Kong from its existing underwriting hub in Singapore.
PUL is headed by CEO Tony Lau, an insurance veteran of over 40 years. He held several senior roles at Marsh before moving into underwriting. He will be assisted by Yvonne Leung in developing the financial lines portfolio. She has 20 years of underwriting experience and was previously a financial lines underwriter with XL Catlin.
Meanwhile, Nicholas Tey, Beazley’s financial lines regional manager for Asia, will be working closely with the PUL team to jointly build up the Hong Kong financial lines portfolio.
“We are very pleased to be working with PUL in Hong Kong as we continue to target niche growth opportunities across the region,” said Lucien Mounier, Beazley’s head of Asia-Pacific.