British specialist re/insurer Beazley has purchased a 30% stake in Pegasus Underwriting, a Lloyd’s coverholder based in Hong Kong.
The investment is culmination of a partnership that started this January. The agreement enables Beazley to combine global expertise in financial lines with Pegasus’ broking relationships and market knowledge.
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Beazley head of specialty lines James Eaton said: “Our successful partnership with Pegasus has created a robust proposition and efficient distribution channel for both brokers and commercial customers.
“We are excited about the opportunities this provides us to build out our financial lines offering in Hong Kong and Greater China and complements our existing underwriting hub in Singapore. The investment is part of our long-term commitment to this region.”
Pegasus is led by Tony Lau as CEO. He has over 40 years of experience in the reinsurance and insurance industry. Earlier, he has worked with Marsh in various management positions.
Lau stated: “We are delighted to be strengthening our partnership with Beazley, which shares our ambition and long-term objectives to build a regional specialty business.”
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By GlobalDataBeazley offers political risks, political violence, property, marine, contingency, cyber, management liability, financial lines, among other insurance products in the in Asia-Pacific region.
In July, PeriGen, a firm that specialises in developing AI-based systems for obstetrics, partnered with insurer Beazley to provide its safety-based obstetric programme to insurer’s’ healthcare clients in the US.
