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Jul 2020

Lloyd's to apply for onshore licence in Malaysia

Source: Asia Insurance Review | Sep 2015

Lloyd’s intends to apply for an onshore reinsurance licence in Malaysia, following confirmation by the UK and Malaysian governments recently.
   The announcement that Lloyd’s will apply for a “Tier 1 licence”, and open an office in Kuala Lumpur, follows some months of discussions between Lloyd’s and the Malaysian authorities. Lloyd’s intends to submit an application shortly.
   The proposed new licence will enable Lloyd’s to increase the support it can offer in Malaysia. Lloyd’s currently writes Malaysian business from London, Singapore and an offshore office in Labuan, Malaysia.
   “This new licence will give Lloyd’s a significant opportunity to develop its marine, energy, construction, engineering and liability business, as well as introduce new products to the market,” it said in a statement.
Lloyd’s to contribute to specialist insurance market in Malaysia
“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 UK Prime Minister, David Cameron.
   “I welcome Lloyd’s of London’s decision to invest in Malaysia. As one of the world’s eminent insurers, Lloyd’s can contribute significantly to our specialist insurance industry. Lloyd’s decision to invest here demonstrates its confidence in our economy as well as reflects the increasing sophistication of risks in our businesses and industry,” said Malaysian Prime Minister, Najib Tun Abdul Razak.
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