Markel launches new Hong Kong company
by Richard Kilner
Story link: Markel launches new Hong Kong company
Specialist insurer Markel International has announced that it has created a new Hong Kong-based service company.
The company will operate from an office based in Lee Gardens and will commence operations on 1 January 2011, offering the Hong Kong insurance market underwriting services.
Markel International already operates in Asia through Lloyd’s Asia trading platform, using Syndicate 3000 (a wholly owned Lloyd’s syndicate).
The new Hong Kong office will afford Markel with superior access to the local market, especially regarding specialist insurance lines.
The firm has established a professional indemnity, directors’ and officers’ and financial liability book in Hong Kong over the last three years, and has also recently increased its Malaysian underwriting activities after being given a licence by the Labuan Financial Services Authority.
Markel International Singapore MD Peter Phillips has stated that Hong Kong has been a priority since the firm joined the Lloyd’s Asia platform, due to its extensive opportunities and strong financial sector.