Beazley, the London-based specialist insurer, is making a strategic investment in Hong Kong-based coverholder Pegasus Underwriting Ltd.
The investment will see Beazley become a 30 percent shareholder in Pegasus.
Beazley said it began working with Pegasus in January 2019 under an arrangement that combined the coverholder’s knowledge of the market and its strong broking relationships with Beazley’s specialist expertise in financial lines, including professional indemnity, directors & officers, cyber and medical malpractice liability.
James Eaton, Beazley’s head of specialty lines, 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 complement our existing underwriting hub in Singapore. The investment is part of our long-term commitment to this region.”
Pegasus, a Lloyd’s coverholder, is headed up by insurance veteran Tony Lau, CEO, who has spent more than 40 years in insurance and served in various senior roles at Marsh before moving into underwriting.
“We are delighted to be strengthening our partnership with Beazley, which shares our ambition and long-term objectives to build a regional specialty business,” said Lau.