Beazley has made a strategic investment in Hong Kong-based coverholder Pegasus Underwriting Ltd, resulting in the specialist insurer gaining a 30% stake in the company.
In a statement, Beazley said that it began working with Pegasus in January under an arrangement that combined the coverholder’s knowledge of the market and its strong broking relationships with Beazley’s global expertise in financial lines, including professional indemnity, directors’ & officers’, cyber and medical malpractice liability insurance.
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“Our successful partnership with Pegasus has created a robust proposition and efficient distribution channel for both brokers and commercial customers,” said James Eaton, Beazley’s head of specialty lines. “We are excited about the opportunities this provides us to build out our financial lines offering in Hong Kong and Greater China and complements our existing underwriting hub in Singapore. The investment is part of our long-term commitment to this region.”
Lloyd’s coverholder Pegasus is led by CEO Tony Lau, an insurance veteran who has spent more than 40 years in the industry, and served in various senior roles at Marsh before moving into underwriting.
“We are delighted to be strengthening our partnership with Beazley, which shares our ambition and long-term objectives to build a regional specialty business,” said Lau.