Beazley gets green light for Labuan service company to push Asia

Specialist insurer Beazley has received authorisation by the Labuan financial regulator for a new service company, to build out its presence in the Malaysian market and extended distribution capabilities in the Asia Pacific region.

The new company, Beazley Labuan, will 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 Labuan will complement the underwriting and distribution capabilities of Singapore based service company Beazley Pte.

Nicholas Tey, Beazley’s international financial lines manager for Asia Pacific, said: “The insurance markets in Malaysia and Asean are growing to meet the changing level of demand and risk of commercial businesses. 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.”