Lloyd's of London to apply for reinsurance licence in Malaysia

LONDON, July 30 (Reuters) - Specialist insurance market Lloyd's of London said on Thursday it planned to apply for an onshore reinsurance licence in Malaysia, as part of its push into emerging markets.

The licence application follows confirmation from the British and Malaysian governments, Lloyd's said in a statement.

Lloyd's also plans to open an office in Kuala Lumpur, it added, saying that the licence would "give Lloyd's a significant opportunity to develop its marine, energy, construction, engineering and liability business, as well as introduce new products to the market".

Lloyd's has a strategy to expand in emerging markets as local players increase their reach. It has opened an office in Dubai and is targeting the Islamic insurance market. (Reporting by Carolyn Cohn; editing by Simon Jessop)

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