PETALING JAYA: Reinsurance and retakaful broker AFR Asia Pacific Ltd (AAPL), which is 95% owned by AFR Global Sdn Bhd, is now Malaysia’s first Lloyd’s registered broker.
With a track record of 16 years, AFR had via a November letter obtained approval from Llyod’s, giving it the priviledge to have direct dealings with the world’s largest specialist insurance and reinsurance market with unique underwriting expertise.
Backed by strong financial ratings and global licences in more than 200 countries, Llyod’s was usually the first to insure emerging, unusual and complex risks.
Commenting on AFR’s listing, Kent Chaplin, head of Lloyd’s Asia Pacific said he was pleased to welcome AFR as its first 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,” said Chaplin in a statement released by Labuan International Business and Financial Centre (Labuan IBFC) yesterday.
He invited more Malaysian brokers, who wanted to increase their global competitive skills via its platform.
Licenced by the Labuan Financial Services Authority and established in July 1999, AFR began as a joint-venture company between local shareholders, AFR Global Sdn Bhd and United Kingdom-based International Lloyd’s broker.
It became a wholly-owned Malaysian company after the foreign partners disposed of their shareholdings in the company.
Meanwhile, AFR chief executive officer Datuk Ahmad Farouk Faizi, who controls AFR Global via a 75% stake, said AFR’s appointment would spur the company’s insurance and services delivery to greater heights.
“Having the Llyod’s status will enable AFR to develop its risk offering to the rapidly growing Asean Economic Community,” he said.
Labuan IBFC CEO Danial Mah Abdullah said it was proud of AFR’s success as a Malaysian company and that Labuan IBFC has been a key enabler and platform AFR could leverage their Lloyd’s broker status.
Labuan IBFC is one of the fastest growing risk management centres in Asia-Pacific, with licensees close to 250 risk management related entities, managing a collective premium way in access of US$1bil on a yearly basis.