AFR Asia Pacific Ltd has been approved as the first Lloyd’s registered broker in Malaysia.
The “home-grown” Malaysian reinsurance broker becomes one of 219 Lloyd’s registered brokers across the world.
Reinsurance broker AFR has operated for sixteen years and is licensed to Malaysia’s offshore Labuan market.
“Having the Lloyd’s status will enable AFR to develop its risk offering to the rapidly growing ASEAN Economic Community,” said En Danial Mah Abdullah, the Labuan IBFC hub’s chief executive.
AFR places facultative and treaty reinsurance, life and non-life, including retakaful Islamic finance business. Non-life focuses include aviation, liability, specie and marine risks.
“I am very pleased to welcome AFR Asia Pacific as our first Lloyd’s registered broker in Malaysia,” said Kent Chaplin, Lloyd’s head of Asia Pacific.
“We have had a long standing relationship with AFR and this is validation that they meet the standards required of a Lloyd’s registered broker. AFR customers will benefit from Lloyd’s specialist underwriting expertise for their local and global risks,” he said.
Lloyd’s has a reinsurance licence to operate in Labuan, while the market is also known to be applying for a mainland Malaysian registration.
“I look forward to welcoming more Malaysian brokers who are seeking to increase their international competitive capabilities via the Lloyd’s platform,” said Chaplin.
The Lloyd's market's interest in increasing its Malaysian footprint formed part of a trade-boosting trip to Southeast Asia in partnership with the UK government in July.
"As part of Lloyd’s Vision 2025, Lloyd’s has made a commitment to increase its support to the world’s fastest growing economies," said John Nelson, chairman of Lloyd’s, at the time.
UK Prime Minister, David Cameron, added: "As a world leading insurance provider, Lloyd’s plays an important role in protecting millions of people in the region from the financial losses of natural disasters.
"Lloyd’s ensures countries across Asia are protected which helps to safeguard their economic success," said Cameron.