Specialist re/insurer Beazley has announced that it plans to expand its insurance offering in Asian markets through a new financial lines capacity arrangement with Hong Kong-based coverholder Pegasus Underwriting Limited (PUL).
Beazley hopes to combine its expertise in underwriting specialist risks with PUL’s strong broking relationships and knowledge of the regional market to create an efficient distribution channel for both brokers and commercial customers.
PUL financial lines capability is fully supported by Beazley capacity, including across professional indemnity, directors & officers, cyber and medical malpractice.
The Lloyd’s coverholder is led by Chief Executive Officer (CEO) Tony Lau, who has four decades of experience in the re/insurance industry and held various senior roles at Marsh before moving into underwriting.
He is joined by Yvonne Leung to develop the financial lines portfolio, who has 20 years of underwriting experience and was previously a financial lines underwriter at XL Catlin.
Beazley explained that the arrangement with PUL will also enhance its ability to serve brokers in Hong Kong from its existing underwriting hub in Singapore.
To this end, Nicholas Tey, Beazley’s financial lines regional manager for Asia, will work closely with the PUL team to build up the Hong Kong financial lines portfolio.
“We are very pleased to be working with PUL in Hong Kong as we continue to target niche growth opportunities across the region,” said Lucien Mounier, Head of Asia Pacific at Beazley.
Lau also commented: “Our focus is on building our speciality business through strong partnerships and we are delighted to be working with Beazley, which shares our ambition and long-term objectives.”