RAM assigns LECA2+ rating to HLAP Limited

RAM Ratings has assigned a “LECA2+” rating to HLAP Limited (HLAP or the Company), a Labuan-licensed general (re)insurance broker. The rating indicates HLAP’s strong capacity and competence in fulfilling its performance obligations, with the subscript + indicating a position at the upper range of the rating category.

The rating reflects HLAP’s strong franchise, management, and financial standing, while having adequate business infrastructure, and risk management & controls. 

HLAP is a long-established broker in Labuan, with operations that predate the general (re)insurance broker license it obtained in 2006, following a management buyout of the former Heath Lambert Asia Pacific Ltd. It has expertise in technical and commercial lines within O&G, energy, aviation and property & casualty, with a client base primarily concentrated in Southeast Asia markets such as Malaysia, the Philippines, and Vietnam.

Its primary service obligations are to facilitate strategic placement of (re)insurance coverage and claims management for clients. An experienced team of five senior brokers has been instrumental for business development and client management, however, only supported with a lean staff force of 19 other staff for daily operations. More than half of employees have over a decade of tenure. 

At present, the Company maintains semi-digital record keeping practices, with reliance on physical-file records. Digitalisation of the client operations workflow is planned for progressive completion from 2025. HLAP has strong financial standing, supported by consistent profitability and robust liquidity. In addition to cashflows from routine operations, HLAP has in excess cash reserves to support 12 months of operations expenditure. 

For context and understanding of the contents in this media release, we advise reviewing the LECA report, which can be obtained from the rated entity. LECA is an assessment service from RAM Rating Services Berhad for companies based in Labuan IBFC. LECA ratings are typically valid for up to 1 year after they are assigned. The rating could be updated or changed upon the availability of material information, or in the event of material developments or changes in circumstances.

For more information, visit https://analytics.ram.com.my/LECARating. 

Analytical contact
Nigel Assiraj 
(603) 3385 2537
nigel@ram.com.my