St. Paul International Insurance Co., Ltd., a subsidiary of The St. Paul Companies Inc., announced today it intends to acquire the Australia Pacific Professional Indemnity Insurance co., Ltd. (APPIIL) in Brisbane, from GIO Holdings Ltd. The transaction is expected to close in September, pending formal approval by the Australia Prudential Regulation Authority (APRA).
The purchase would add about 2,000 solicitors as St. Paul policyholders in Queensland, Australia, where indemnity insurance is mandatory. No terms of the transaction were disclosed.
“St. Paul is a global leader in providing liability protection to select industry segments, including professional indemnity coverage to the legal profession, and we are delighted to be able to serve the Queensland Law Society through this purchase,” said Mark Pabst, president and chief operating officer-St. Paul International Insurance Co., Ltd. He added that St. Paul International offers insurance products for the legal profession in several countries, most recently being named a “qualifying insurer” for the Law Society of England and Wales.
The former APPIIL Brisbane branch and its employees would join St. Paul International’s network to deliver the full product range to the Australian market. Andrew Spitteler, Queensland manager, will be The St. Paul’s key service contact in the Brisbane office. Peter Lepparde, who leads St. Paul Australia, said: “I am extremely excited about the expansion of The St. Paul into Queensland, giving the company a new branch and a very competent team of people to serve our customers.”
St. Paul International established an office in Sydney in January 2000 to underwrite business in Australia and Asia Pacific Region. The Sydney office is staffed by a team of underwriters, risk managers and claim service professionals. The opportunity to add the solicitors’ professional indemnity niche adds to the company’s portfolio of specialty products serving the financial and professional services, health care, marine and technology industries, and surety bonds.
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