A stronger presence in the region will allow Beazley to develop sector-specific offerings in areas where it has extensive claims and underwriting experience, such as financial services and healthcare.
Beazley is planning to strengthen its presence in the Asia Pacific region by increasing its local underwriting presence and developing new products, the U.K.-based insurer announced in a statement on Tuesday.
According to the statement, Beazley is making a «strategic investment» to grow its underwriting in the region and is already hiring more underwriters in sectors such as cyber & technology, accident & health, M&A and specialty treaty, with more roles to be added over the next year.
The firm will also build sector-specific solutions catered to clients in the region and increase white-label partnerships with other carriers in the region to increase the distribution of its products, which will ensure sustainable, long-term growth, the firm said.
Singapore Growth
«This is now the right time for us to make a strategic investment into further developing our propositions and on-the-ground presence,» Lucien Mounier, head of Asia Pacific, said about the firm's plans.
Specializing in marine, property, data breach and life insurance, Beazley opened its Singapore office in 2006, which became its Asia Pacific underwriting hub.
Beazley operates on the Lloyd’s Asia platform on both an insurance and reinsurance basis. Its reinsurance business in China is operated by Lloyd’s Insurance Company (China), and it has a strategic partnership with Hong Kong-based managing general agent Pegasus.
