Labuan IBFC is pleased to be home to Malaysia’s first Lloyd’s registered reinsurance broker, AFR Asia Pacific Limited who received approval from Lloyd’s in November 2015 to deal directly with the Lloyd’s syndicates in London. AFR is a Labuan licensed reinsurance broker, with a track record of over 16 years.
This listing is a milestone for AFR as it allows the reinsurance broker access to Lloyd’s, the world’s largest specialist insurance and reinsurance market that offers a unique concentration of underwriting expertise, backed by strong financial ratings and international licences covering more than 200 countries. Lloyd’s is often the first to insure emerging, unusual and complex risks.
AFR has been in the business of reinsurance broking since 1999 and sees its entry to Lloyd’s as a validation of its commitment towards raising service standards in the industry.
AFR currently offers facultative and treaty reinsurance as well as retakaful for both life and general businesses, serving the Malaysian and regional insurance industries. In the space of general insurance, it specialises in aviation, liability, specie and marine risks.
Lloyd’s Head of Asia Pacific, Kent Chaplin said:
“I am very pleased to welcome AFR Asia Pacific as our first Lloyd’s Registered Broker in Malaysia. We have had a long standing relationship with AFR and this is validation that they meet the standards required of a Lloyd’s registered broker. AFR customers will benefit from Lloyd’s specialist underwriting expertise for their local and global risks. I look forward to welcoming more Malaysian brokers who are seeking to increase their international competitive capabilities via the Lloyd’s platform.”
The Chief Executive Officer of AFR Asia Pacific Ltd, Y Bhg Dato’ Ahmad Farouk commented on this listing saying: “AFR’s appointment as a Lloyd’s registered broker will certainly spur the company to greater heights in its provision of insurance services and service delivery. Having the Lloyd’s status will enable AFR to develop its risk offering to the rapidly growing ASEAN Economic Community.”
En Danial Mah Abdullah, Chief Executive Officer, Labuan IBFC in commenting on AFR’s achievement said:
“AFR’s approval to become a Lloyd’s Registered Broker is an excellent example of the level of success a born-and-bred Malaysian company can achieve. We are exceptionally proud that Labuan IBFC has been a key enabler in AFR’s success to date and is an ideal platform from which AFR can leverage their Lloyd’s registered broker status.”
Labuan IBFC is one of the fastest growing risk management centres in Asia Pacific and licensees close to 250 risk management related entities, managing a collective premium way in access of USD1 billion on a yearly basis.
Comprising not just reinsurers and direct insurers, Labuan IBFC also provides unique underwriting vehicles in the form of captives. This is an increasingly popular risk solution sought by many corporates that prefer to have the flexibility of managing their own perils as part of their own risk management.
Aside from conventional insurance services, Labuan IBFC also offers Islamic insurance, better known as takaful, for those seeking Shariah-compliant protection. Insurance brokers, underwriting managers as well as insurance managers complete the supply chain by offering the needed services within the sector.