Lloyd’s unveils plans for Malaysian onshore reinsurance licence
Lloyd’s has unveiled plans to apply for an onshore reinsurance licence in Malaysia, following months of discussions between Lloyd’s and Malaysian authorities.
The news was confirmed by both the UK and Malaysian Governments today (30 June, 2015).
In addition to applying for the ‘Tier 1 licence’, Lloyd’s will also open an office in Kuala Lumpur.
The licence will enable Lloyd’s to introduce new products to the market, as well as providing the opportunity to develop its marine, energy, construction, engineering and liability business.
David Cameron, UK Prime Minister, said: "As a world leading insurance provider, Lloyd’s plays an important role in protecting millions of people in the region from the financial losses of natural disasters. Lloyd’s ensures countries across Asia are protected which helps to safeguard their economic success.”
Malaysian Prime Minister, Dato’ Sri Mohd Najib Tun Abdul Razak, added: “I welcome Lloyd’s of London’s decision to invest in Malaysia. As one of the world's eminent insurers, Lloyd’s can contribute significantly to our specialist insurance industry. Lloyd’s decision to invest here demonstrates its confidence in our economy as well as reflects the increasing sophistication of risks in our businesses and industry."
John Nelson, chairman of Lloyd’s, said: “As part of Lloyd’s Vision 2025, Lloyd’s has made a commitment to increase its support to the world’s fastest growing economies. This new licence will enable Lloyd’s to strengthen our business relationships, deepen our understanding of the local risk landscape and offer new solutions to Malaysian businesses.”
