International specialist insurer Beazley has revealed its plans to expand its footprint in Asia-Pacific, which includes increasing its local underwriting presence and applying its global expertise in meeting the specific needs of clients in the region.
According to a statement by Beazley, after establishing its Singapore hub in 2006, it built its presence and reputation with brokers and clients in Asia-Pacific, operating on the Lloyd’s Asia platform on both an insurance and reinsurance basis. The company also writes reinsurance business through Lloyd’s Insurance Company (China) Ltd and has a strategic partnership with Hong Kong-based managing general agent Pegasus, which underwrites financial lines risks on Beazley’s behalf.
Beazley’s current product offering in Asia-Pacific includes property, marine, political risks, political violence, contingency, cyber, financial lines, management liability and treaty reinsurance.
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Now, to further its expansion in the region, Beazley said that it is investing in underwriting capability, which is where it sees the opportunity to strengthen its existing offering. The firm is also developing new products to be launched in areas where it has achieved success in other territories.
The company said that it is currently hiring additional underwriters in specialist areas such as cyber & technology, accident & health, M&A and specialty treaty. Also, more new roles are expected to be created over the next 12 months.
“This is an exciting time for Beazley in Asia-Pacific as we aim to increase our footprint and achieve sustainable, long-term growth,” said Lucien Mounier, head of Asia-Pacific at Beazley. “Our presence in this region has expanded steadily since we set up in Singapore 13 years ago. This is now the right time for us to make a strategic investment into further developing our propositions and on-the-ground presence.
“The commercial insurance markets within Asia-Pacific are at different levels of maturity – however, there is a growing sophistication and awareness of their risks and requirements among clients,” he added. “As intangible threats to businesses grow, such as cyber threats and risks to their reputations and brands, it is more important than ever to build long-term partnerships with our clients and brokers.”