Brit Opens Lloyd’s Service Company in Australia

Brit Insurance, which is domiciled in the Netherlands and headquartered in London, announced the opening of a new Lloyd’s service company in Sydney, Australia. The bulletin noted that the new facility follows “the successful establishment of a representative office in Sydney in March 2010.” It will enable Brit Insurance Services Australia Limited “to transact property treaty reinsurance business locally with effect from 1st July 2011.”

The underwriting team, led by Mike Davidson, will write business on behalf of Brit’s Syndicate 2987 at Lloyd’s. Davidson has headed the Sydney representative office since it opened in 2010. Brit Insurance Services Australia will act as the gateway for all Property Treaty reinsurance business emanating from Australia and New Zealand.

Davidson commented: “We know from talking to brokers that they really value having access to locally empowered underwriters who understand the market and local conditions. With all Australasian property treaty reinsurance business now being handled by myself and Stuart Anderson, brokers will have a clear, simple channel for doing business with Brit Insurance.

“In addition, we’ll continue to provide representative services for other classes of insurance and reinsurance business which fall outside the scope of our Lloyd’s Service Company Agreement.”

Jonathan Turner, Chief Executive of Brit Reinsurance added: “This is a logical progression of our long-term strategy for this region. The office that we set up in Sydney in 2010 has proved effective in developing relationships and identifying new opportunities. By giving underwriting authority to Mike and Stuart we will be very well placed to provide an enhanced service to brokers and clients in these two important territories.”

Source: Brit Insurance

Topics Excess Surplus Reinsurance Lloyd's Australia