Beazley has upped its stake to 100% in Asia Pacific Underwriting Agency Limited (APUA).
APUA is a Hong Kong-based insurance underwriting agency, that sources business throughout Asia from insurance intermediaries.
Beazley said the decision reflects its drive to expand its network to develop access to business in local markets under the Beazley brand name.
Under full ownership, Beazley expects to expand some product lines to better service their customers.
Established in Hong Kong in 1997, APUA is a specialist underwriter of professional indemnity, directors and officers' liability and non-financial institution crime and terrorism risks throughout the Asian region. Beazley has had a strategic partnership with APUA since 1997.
Andrew Beazley, CEO of Beazley said: “Full ownership of APUA will enable us to fully leverage the company's exceptional track record and is a further demonstration of our commitment to the region. It will provide our clients with convenient access to the expertise and knowledge of our worldwide network of underwriters.'
Paul Bermon, managing director of APUA said: “Under the new ownership structure, APUA will be better positioned to leverage the Beazley global network, providing the necessary agility to expand product lines and capitalise on the wealth of opportunities in the rapidly growing Asian market.”
