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Beazley to acquire 30% stake in Hong Kong-based coverholder

Beazley PLC is acquiring a 30% stake in Pegasus Underwriting Ltd., a Hong Kong-based coverholder.

Beazley said it started working with the coverholder in January; the company's head of specialty lines in a statement said the investment is part of its long-term commitment to the Hong Kong and Chinese markets.

Pegasus is led by CEO Tony Lau.