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Lloyd’s increases insurance push in MalaysiaSpecialist Lloyd’s market underwriter Markel International has stepped up its efforts in the Malaysian insurance market following the launch of its service company in the offshore financial centre of Labuan.
Lloyd’s Markel, which underwrites a portfolio of specialist marine and energy, property and casualty as well as professional and financial risks, recently opened the service company to gain better access to the Malaysian market. Since then, the company had seen enhanced underwriting opportunities arose as a result of better access to the domestic Malaysian market, Lloyd’s Markel said.
In a statement, Lloyd’s Markel said it opened its Asia-focused underwriting operations in Singapore in 2007 and in Malaysia it had built up a book of mainly professional indemnity and related risks.
“We have been building a book of liability business in Malaysia for a while and there are other financial industry products we are working on now we feel could be attractive to Malaysian customers,” a company spokesman added.
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