Specialist insurer Beazley has announced a strategic investment in Pegasus Underwriting Limited, a Hong Kong-based Lloyd’s coverholder.
The investment will see Beazley become a 30% shareholder in Pegasus, which it has been working with since January 2019.
The collaboration has combined Pegasus’ broking relationships and market knowledge with Beazley’s global expertise in financial lines.
“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,” he added. “The investment is part of our long-term commitment to this region.”
Pegasus is headed up by insurance veteran Tony Lau, CEO, who has s more than 40 years’ experience in the re/insurance industry. He served in various senior roles at Marsh before moving into underwriting.
Lau commented: “We are delighted to be strengthening our partnership with Beazley, which shares our ambition and long-term objectives to build a regional specialty business.”
