Beazley in Coverholder Deal

Specialist insurer Beazley has announced it is to make a strategic investment in Hong Kong-based coverholder, Pegasus Underwriting Limited as it seeks to grow its financial lines business in Asia.

The investment will see Beazley become a 30% shareholder in Pegasus, a Lloyd’s coverholder, is headed up by CEO Tony Lau.

Beazley 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 global 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 complements our existing underwriting hub in Singapore. The investment is part of our long-term commitment to this region.”

Mr Lau said: “We are delighted to be strengthening our partnership with Beazley, which shares our ambition and long-term objectives to build a regional specialty business.”