Lloyd's chairman Lord Levene has announced the setting up of a new Lloyd's subsidiary in Malaysia - Lloyd's Labuan Limited. The new subsidiary places Lloyd's in a strong position to service the Malaysian market.
Speaking today at the Kuala Lumpur Convention Centre, Lord Levene said: “Until now, Lloyd's has operated in Malaysia as a third tier reinsurer. But we are launching this new subsidiary as an underwriting manager, and upgrading our licence.”
He added: “We will be able to support the Labuan market better, working alongside you and providing advice where we can on how to write specialist contracts. Ultimately, we hope to help you bring a wider range of specialist products to the Malaysian market.”
