Hiscox has reinsured a gas plant for $1.4bn (£0.96bn).

The specialist insurer will lead the deal for the new Liquefied Natural Gas (LNG) operation, which is being constructed for Petronas, Malaysia's state energy company and it will provide cover for all risks, including fire, explosion and mechanical breakdown.

The project, located in Bintulu in East Malaysia, is estimated to take three-and-a-half years to complete.