Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said that a rising awareness of risks such as cyber and their potential impact is sparking demand for the kind of specialty products that it offers, so it has decided to invest in expansion across the region. Beazley, which wrote more than $2.6bn in premiums in 2018, set up its hub in Singapore in 2006 and operates on the Lloyd’s Asia platform on both an insurance and reinsurance basis. It also writes reinsurance business through Lloyd’s Insurance Company (China) Ltd and has a strategic partnership with Hong Kong-based managing general agent Pegasus, which underwrites financial lines risks on Beazley’s behalf. The insurer has announced it now plans to further expand its Asia-Pacific footprint by “increasing its local underwriting presence and applying its global expertise to building solutions tailored to the specific needs of clients in the region”. The insurer said it is now making a “strategic investment” in the region, to increase underwriting capability where it sees the opportunity to strengthen its existing offering. Beazley said it is also developing new products that will be launched in areas that it has achieved proven success with in other territories. “Hiring for additional underwriters is already underway in specialist areas including cyber and technology, accident and health, M&A and specialty treaty. More new roles are expected to be created over the next 12 months,” explained the insurer. “In Asia-Pacific, Beazley’s current product offering spans property, marine, political risks, political violence, contingency, cyber, financial lines, management liability and treaty reinsurance solutions. An increased presence in Asia-Pacific will also enable Beazley to build out sector-specific offerings in those areas where it has extensive claims and underwriting experience, such as financial services and healthcare. White-label partnerships with other carriers, which provide new distribution channels for Beazley’s specialist products, is another area that Beazley sees an opportunity to expand its current offering,” continued the company statement. Lucien Mounier, head of Asia-Pacific at Beazley, said: “This is an exciting time for Beazley in Asia-Pacific as we aim to increase our footprint and achieve sustainable, long-term growth. Our presence in this region has expanded steadily since we set up in Singapore 13 years ago. This is now the right time for us to make a strategic investment into further developing our propositions and on-the-ground presence.” A rising sophistication and awareness of risks and a more strategic approach to risk management and transfer are clearly a driving force for the insurer’s expansion plans in Asia-Pacific. “The commercial insurance markets within Asia-Pacific are at different levels of maturity, however there is a growing sophistication and awareness of their risks and requirements among clients. As intangible threats to businesses grow, such as cyber threats and risks to their reputations and brands, it is more important than ever to build long-term partnerships with our clients and brokers,” added Mr Mounier, who took over his role in April last year, relocating from Beazley’s Paris operation. “Our investment in Asia-Pacific demonstrates a firm commitment to this region and to ensuring clients have access through brokers to innovative solutions that evolve to meet their changing risk landscape,” concluded Mr Mounier. Patrick Hartigan, Beazley’s global head of reinsurance and executive sponsor for Asia-Pacific, said: “As we look to grow and diversify our business across product lines and territories, we are finding increased appetite among brokers and corporate clients for our specialist insurance and reinsurance offerings in Asia-Pacific. Our investment in people and resources in the region will better position us to focus on the medium-term strategic benefits.”

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

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