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Malaysia’s First Home Grown Reinsurance Broker gains approval from Lloyd’s
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AFR Asia Pacific Ltd has been approved as Lloyd’s first registered broker in Malaysia, making it one of only 219 Lloyd’s registered brokers across the world 

Kuala Lumpur, 14 December 2015 – 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.

For more information, please refer to http://www.labuanibfc.com and http://www.afr.com.my

–End–


MEDIA CONTACTS:
Farah Jaafar Crossby
pressteam@libfc.com
Tel: +603 2773 8977
Mobile: +6012-326 1216
Audrey Liew
audrey@libfc.com
Tel: +603 2773 8975 
Mobile: +6012-913 8979

ABOUT LABUAN IBFC
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors the benefits of a leading international financial centre with access to Malaysia’s network of over 70 double taxation treaties. As a leading midshore jurisdiction, investors enjoy the benefits of Labuan’s efficient fiscal framework and market-friendly business environment, supported by professional service providers specialising in all aspects of insurance, takaful, international tax, trust and law.
 
Located off the North West coast of Borneo, Labuan IBFC is a leading jurisdiction for conventional and Islamic financial services.
 
Please visit:www.labuanibfc.com

ABOUT AFR ASIA PACIFIC LTD
  
AFR Asia Pacific Limited, is a company incorporated in the Federal Territory of Labuan on 12 July 1999. The company is licenced by the Labuan Financial Services Authority (Labuan FSA) under the Labuan Financial Services and Securities Act 2010. The company started off as a joint venture company between local shareholders, AFR Global Sdn Bhd and a U.K. Based International Lloyd’s Broker and at the end of 2007 the local shareholders acquired the shareholdings of its foreign partners. Today, it is a wholly owned Malaysian company. The company is licenced to operate as a reinsurance and retakaful broker.
 
The company is majority owned (95.0%) by AFR Global Sdn Bhd, which in turn is 75.0% owned by Dato’ Ahmad Farouk Faizi. Dato’ Ahmad Farouk, Chief Executive Officer of AFR Asia Pacific Limited, is the founding shareholder of the company and has been instrumental in establishing the company and steering it to where it is today. Dato’ Ahmad Farouk has more than 31 years of professional and technical experience in dealing with both Malaysian and international insurance and reinsurance markets. He holds a Bachelor’s degree (Hons) in Actuarial Science from the City University, London. Prior to establishing the company, Dato’ Ahmad Farouk’s last position was as the Chief Executive Officer of a leading International Direct broking company in Malaysia. Dato’ Ahmad Farouk is a well known personality within the Malaysian Insurance Industry and was the past Chairman of Labuan International Insurance Association (LIIA) having held the position for 2 consecutive terms.
 
AFR Asia Pacific Limited business base is predominantly facultative reinsurance. Its annual income is derived 90.0% from facultative reinsurance and 10.0% from treaty reinsurance. Over the years, it has slowly built its reputation in the industry and grown its business in certain specialty areas. Currently it has 31 employees under the various divisions within the Company. 
 
The Company’s broking divisions are categorized into five (5) divisions namely:
1.1.1.   Aviation, Marine and Energy Division
1.1.2.   Property, Liability & Casualty Division
1.1.3.   Construction Division
1.1.4.   Treaty Division
1.1.5.   Business Development Division
 
For its financial year 2014, the company recorded Gross Premiums in excess of RM50,000,000. Through the years, the company has developed a strong working relationship with local and Labuan underwriters, regional and international underwriters. It has also established working relationship with many Lloyd’s syndicates, U.K. and European underwriters. 
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