AFR Asia Pacific Gets Lloyd's Nod

KUALA LUMPUR, Dec 15 (Bernama) -- Lloyd’s has approved homegrown reinsurance broker, Labuan-based AFR Asia Pacific Ltd (AFR), as its first registered broker in Malaysia. In a statement Tuesday, Labuan International Business and Financial Centre (Labuan IBFC) said AFR has a track record of over 16 years. Labuan IBFC Chief Executive Officer, Danial Mah Abdullah, said AFR’s approval was an excellent example of the level of success a born-and-bred Malaysian company could 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 its Lloyd’s-registered broker status," Mah said. Aside from conventional insurance services, Labuan IBFC is also offering Islamic insurance, better known as takaful, for those seeking syariah-compliant protection. Lloyd’s Head of Asia Pacific, Kent Chaplin, said AFR customers would benefit from Lloyd’s specialist underwriting expertise for their local and global risks. "I look forward to welcoming more Malaysian brokers who seek to increase their international competitive capabilities via the Lloyd’s platform," he said. AFR Chief Executive Officer Ahmad Farouk, said the firm's entry was a validation of its commitment towards raising service standards in the industry. "The appointment 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," he said. -- BERNAMA