A fast-growing insurer in Australia has launched a new commercial brand, after achieving its 2020 target of $1 billion in gross written premiums more than a year early.

“We’re currently the seventh largest general insurer in Australia,” said Richard Enthoven, Hollard CEO. “Up until now we’ve been growing out of the spotlight, and I think many people are a bit surprised when they discover the extent of our operations. Over the last four years, our compound annual growth rate has been about 35%, well ahead of our nearest challengers and the larger incumbents.”

The new brand, Hollard Commercial Insurance (HCi), specialises in business-insurance products for everyday risks faced by Australian SMEs. HCi products will be distributed through a network of more than 500 brokerages nationally and delivered through 24/7 online quoting systems and Australian-based in-house underwriting and claims teams.

“Our commercial insurance premium already represents more than 10% of the Hollard business, in real terms, that’s now $120 million, and we see strong potential for further growth. We think the timing is right,” Enthoven said.