Asia Specialty Insurance Ltd (formerly known as Asia Insurance Ltd) was established in Labuan in 2012 with a paid up capital of USD 3,356,994 and which will be increased to USD 50,000,000. With the intention to increase the capitalization significantly, the company is attempting to get an international credit rating from a reputable rating agency, AM Best.
The company writes mostly short-tail facultative business in the Far East with the initial focus on South East Asia especially Myanmar. ASIL intends to be a niche player, with the strategic positioning of being a flexible and innovative underwriter complementing the existing significant list of international and national reinsurers in the region.
The company would be underwriting-focused, and wish to establish itself as a reputable reinsurer in the region which offers good service including that of claims. The company would rely on its network of regional brokers and strategic alliances to develop its business.