Munich Re Specialty has begun writing primary insurance business in Australia, offering brokers a new placement option across property, construction and engineering, mining, and surety lines.
The Sydney-based operation went live on November 2, 2026. It targets mid-market commercial clients and is underwritten by Great Lakes Insurance SE (AFSL 318603), trading as Munich Re Specialty - Global Markets, Australia, according to the company’s local website. The Australian team has local underwriting authority, meaning brokers deal with decision makers on the ground rather than waiting on overseas referrals.
The launch comes during a period of soft market conditions. An EBM Insurance & Risk report released in May 2026 found that capacity had expanded across most commercial lines over the prior 12 to 18 months, with new managing general agencies and Lloyd’s participants entering the market. Well-maintained commercial property risks saw stable or reduced premiums, the report found.
For brokers, that expanding field of options is changing how they manage placements. Steve Mison, director of Ardent Insurance Solutions, told Insurance Business earlier this year that “a lot of insurers and agencies are fighting to keep their book but also branching out into new markets.” He added: “If we are not keeping up with that, then we might miss some opportunities.”
For brokers placing construction risks, the additional capacity arrives alongside a substantial project pipeline. ANZ Research forecasts Australia’s major project pipeline to peak at $80.3 billion in the 2026 financial year. Infrastructure Australia’s 2025 Infrastructure Market Capacity Report puts the total construction pipeline at $1.14 trillion over five years to 2028-29, with peak workforce demand forecast to rise from 417,000 to 521,000 by mid-2027.
That growth is generating demand across construction insurance classes. Aon’s 2026 Global Construction Insurance and Surety Market Report noted that contractors are increasingly using surety bonds in place of bank guarantees to free up working capital. Mary-Catherine Hamill, head of construction for Australia at Aon, said in the report that “surety is playing a larger role in Australia as businesses seek to unlock working capital.”
At the same time, the mid-market construction segment has been narrower and more selective than the top end of the market, with underwriter appetite varying by contractor size and project risk. Construction also carries elevated insolvency exposure. Australian Securities and Investments Commission (ASIC) data shows the sector accounted for 27% of company insolvencies nationally in 2023-24, with 2,975 firms entering external administration.
Read more: Defence, data centres, and housing push Australian construction risk
Chris Mackinnon (pictured), who received the 2026 Lifetime Achievement award from the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), heads the Australian business.
Before joining Munich Re Specialty, Mackinnon spent nine years as Lloyd’s general representative in Australia and moved to Singapore in 2024 to take on the role of regional director for Lloyd’s across the Asia Pacific, Middle East, and African regions. He has also served as a director of the Insurance Council of Australia (ICA) and the Underwriting Agencies Council (UAC) and sat on the NSW Divisional Committee of the National Insurance Brokers Association (NIBA).
“Today is the culmination of purposeful strategic planning to bring the best of Munich Re Specialty to the Australian insurance market. Munich Re’s global financial strength, stability and technical prowess provides a powerful competitive advantage and a basis as a long-term partner for risk management,” Mackinnon said.
Supporting the operation, Chris Harnett has been appointed head of underwriting, Angus Kench as head of claims, and Alison Percival as head of partnerships. The company said it would also continue investing in partnerships with its backed MGAs in Australia and provide access to its Lloyd’s syndicate and Munich Re Group’s broader capabilities.
Read more: Australian commercial insurance market remains soft through H1 2026
The market entry builds on Munich Re Specialty’s existing Asia Pacific presence through offices in Singapore, Malaysia, and Dubai.
