Lloyd’s will apply for a reinsurance licence in Malaysia and open an office in Kuala Lumpur, the UK and Malaysian governments have announced.

Lloyd’s Chairman John Nelson says an expanded presence in Malaysia is part of the market’s strategy to increase support to the world’s fastest-growing economies.

“This new licence will enable Lloyd’s to strengthen our business relationships, deepen our understanding of the local risk landscape and offer new solutions to Malaysian businesses,” he said.

Malaysian Prime Minister Najib Razak says Lloyd’s can contribute significantly to the country’s specialist insurance industry.