The Australian branch of Swiss Re
International has announced an agreement which will see the major international player acquire a key aviation portfolio.
The deal will see the wholly-owned subsidiary of Swiss Re
Corporate Solutions take on the aviation portfolio of Assetinsure and add a new office in Brisbane to its Australian footprint.
Corporate Solutions currently owns the majority interest of Assetinsure’s aviation business with Assetinsure acting as a managing general agent of the business and minority owner of the portfolio since 2010.
The international giant will now take full ownership of the business and add a Brisbane branch to its existing offices in Sydney and Melbourne.
Adam Cox, country manager for Australia and New Zealand for Swiss Re
, said that both companies have worked closely since their partnership began five years ago and the company will look to continue to develop its Australian offering.
Corporate Solutions has worked closely with Assetinsure since 2010," Cox said.
"The full integration of our strong underwriting skills and Assetinsure's advanced market knowledge will further enhance our capabilities and expertise across the region."
The move follows CBL Insurance
$41 million purchase of Assetinsure
last month as the company looks to develop its Australian business to offset its European offerings