Lloyd's of London applies to open up in Malaysia
Lloyd's of London plans to apply for an onshore reinsurance licence and open an office in Malaysia, as part of its push into emerging markets. The licence application follows confirmation from the British and Malaysian governments. It is also targeting the Islamic insurance market. Lloyd's chairman John Nelson said around $130 million in business was written for Malaysia, but said an onshore presence would likely enable that figure to grow, without giving a target. Lloyd's said the licence is an opportunity to develop its marine, energy, construction, engineering and liability business, as well as introduce new products to the market.
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