MB Insurance, the Sydney-headquartered prestige motor underwriting agency, has expanded into New Zealand, taking a specialist book built over more than three decades in the Australian market across the Tasman.
The agency, established in 1989 and a market leader in prestige motor vehicle insurance across mainland Australia, has launched with a dedicated broker portal and a prestige motor product written on Lloyd's capacity. It has operated within the ATC group since 2021, alongside stablemates covering construction, plant and machinery, cyber, and sports, leisure and events.
Chairman Shane Sheppard (pictured) said the expansion draws on the agency's Australian track record.
"We believe the timing is right because we have reached a point in our journey where the experience, capability and relationships we have built over 35 years in Australia can be brought to New Zealand," Sheppard said. "We are not entering the market simply for growth. We are entering because we believe we can add genuine value."
For Australian brokers, the move signals where the agency is directing its growth after a period of ownership change. MB Insurance has offices in Sydney, Melbourne, Adelaide and the Gold Coast, and the New Zealand launch is its first offshore market.
"Our message to brokers is straightforward: you now have another specialist partner at the table," Sheppard said. "When a broker has a specialist motor risk, particularly a prestige, luxury, high performance or classic vehicle, we want MB Insurance to be one of the first markets they think of."
Managing director Daniel McNamara, who joined the agency as an underwriter in 2004 and took the managing director role in 2021, said the New Zealand platform was built to local requirements rather than lifted from the Australian system.
"The portal is built specifically for New Zealand brokers and their customers," McNamara said. "Vehicle registration search capability and local agreed value guidance are just some of the features we have included to make the experience fast and seamless."
Head of strategy and business development Chris Quick said the agency expects most quotes to clear without underwriter intervention, though the figure is a forecast rather than recorded performance.
"We believe up to 75 per cent of quotes will be automatically approved by our portal, meaning brokers can bind cover and protect their client's vehicle right away," Quick said. "No wait times allows the broker to focus on being a broker in other areas. If it does refer, we aim for a same day turnaround."
The product is written on a strictly agreed value basis, with 75 per cent finance gap cover, a three-year new for old replacement feature, and salvage rights for vehicles aged 25 years or older.
"For these vehicles, the owner has put a lot of blood, sweat, and tears and a substantial financial investment into their project over many years," Quick said. "If the vehicle is unfortunately written off, they will keep the wreck, which means they could rebuild or buy a similar vehicle and use parts off their wreck."
Claims remain in-house, a model the agency has run in Australia and has replicated in New Zealand with local loss adjuster partnerships.
"Claim management is the most important function we perform. It is the proof of the promise we make at point of sale," McNamara said. "Our claims management team understand the product and understand the needs of prestige car owners, enabling them to provide service above and beyond a generic TPA."
