British specialist re/insurer Beazley has reached a financial lines capacity arrangement with Hong Kong’s coverholder Pegasus Underwriting to expand its insurance offering across Asia.

The partnership will combine Pegasus Underwriting’s market knowledge and its broking relationships with Beazley’s expertise in underwriting specialist risks to provide an efficient distribution channel for brokers and commercial customers alike.

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Pegasus expansion

The arrangement will further improve Beazley’s ability to serve brokers in Hong Kong from its existing underwriting hub in Singapore.

PUL financial lines capability is supported by Beazley capacity – including across professional indemnity, directors & officers, cyber and medical malpractice.

Beazley’s financial lines regional manager for Asia Nicholas Tey will work with the Pegasus Underwriting team to together build up the Hong Kong financial lines portfolio.

Beazley head of Asia Pacific Lucien Mounier said: “We are very pleased to be working with PUL in Hong Kong as we continue to target niche growth opportunities across the region.”

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Pegasus Underwriting CEO Tony Lau said: “Our focus is on building our speciality business through strong partnerships and we are delighted to be working with Beazley, which shares our ambition and long-term objectives.”

Beazley, through the Lloyd’s broker network and the market’s trading licenses, underwriters a diverse book of insurance and reinsurance business including life, accident and health, marine, political risks & contingency, property, reinsurance and specialty lines.