Specialist insurer Beazley’s new service company has received authorisation from the Labuan financial regulator, a development which the company said will boost its distribution capabilities in Asia-Pacific.
The new company, which is known as Beazley Labuan Ltd, will support the insurer in building its presence in the Malaysian market, it said in a statement. It will underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s syndicates. These classes include financial lines, cyber, political risk, terrorism, and marine.
Beazley Labuan Ltd will also complement the underwriting and distribution capabilities of Singapore-based service company Beazley Pte Ltd, the insurer’s statement said.
Read more: Beazley reveals APAC growth strategy
“The insurance markets in Malaysia and ASEAN are growing to meet the changing level of demand and risk of commercial businesses,” said Nicholas Tey, international financial lines manager for Asia-Pacific at Beazley. “We see strong opportunities to increase our presence here, supported by this new service company, Beazley Labuan Ltd which provides an additional, efficient distribution channel for Beazley to trade with local insurers and brokers in the markets.”