KUALA LUMPUR (Dec 14): AFR Asia Pacific Ltd has become the UK-based Lloyd's reinsurance broker.

AFR, which is based in the Labuan International Business and Financial Centre (Labuan IBFC), will now be able to deal directly with Lloyd's syndicates in London, according to Labuan IBFC's statement today.

"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," Labuan IBFC said.

AFR said its status as Lloyd's reinsurance broker will enable AFR to grow its business across the Association of Southeast Asian Nations (ASEAN) region.

"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," AFR chief executive officer Datuk Ahmad Farouk said in the statement.