Specialist insurer Beazley has received authorisation by the Labuan financial regulator to open a new service company in the region.
Beazley Labuan Limited has been established to help build a presence in the Malaysian market and underwrite various classes of business on a reinsurance basis on behalf of Beazley’s Lloyd’s syndicates.
The classes include financial lines, cyber, political risk, terrorism and marine.
Beazley says the move extends its distribution capabilities in Asia Pacific and will complement the underwriting and distribution capabilities of Singapore based service company Beazley Pte Ltd.
“The insurance markets in Malaysia and Asean are growing to meet the changing level of demand and risk of commercial businesses,” said Nicholas Tey, Beazley’s international financial lines manager for Asia Pacific.
“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.”