Beazley has entered into a financial lines capacity arrangement with Hong Kong-based coverholder Pegasus Underwriting Limited.
The partnership comes as part of Beazley’s bid to expand its insurance offering in the Asian markets.
According to a statement by Beazley, the partnership seeks to harness Pegasus Underwriting Limited’s knowledge of the market and its broking relationships and combining it with Beazley’s expertise in underwriting specialist risks and capacity across professional indemnity, directors & officers, cyber, and medical malpractice lines.
The arrangement will enhance Beazley’s ability to serve brokers in Hong Kong from its existing underwriting hub in Singapore.
Pegasus Underwriting Limited is headed by insurance veteran of over 40 years Tony Lau, CEO. Prior to moving into underwriting, Lau held several senior roles at Marsh.
Lau will be assisted by Yvonne Leung in developing the financial lines portfolio. Leung has 20 years of underwriting experience and was previously a financial lines underwriter with XL Catlin.
In the meantime, Nicholas Tey, Beazley’s financial lines regional manager for Asia, will be working closely with the Pegasus Underwriting Limited team to jointly build up the Hong Kong financial lines portfolio.
“We are very pleased to be working with Pegasus Underwriting Limited in Hong Kong as we continue to target niche growth opportunities across the region,” commented Lucien Mounier, Beazley’s head of Asia-Pacific.