UK-based MGA commits to the Australian market

UK-based MGA commits to the Australian market | Insurance Business

UK-based MGA commits to the Australian market

Landmark Underwriting, a UK FCA authorised MGA that specialises in professional indemnity business, has re-emphasised its commitment to the Australian market, as it revealed its plans to expand its business in the country.  

Read more: Professional indemnity

“The professional indemnity world has been rocked by a large number of players quickly withdrawing from the market, not always due to results, but by a change in risk appetite and uncertainty,” said David Robinson, Group CUO. “As is always the case, this sometimes leaves a considerable opportunity for those entrepreneurial companies that have the vision to see opportunity. We are fortunate in that we started at a time when rates, deductibles, and coverages were moving quickly in insurers’ favour. The upward trend, based on the business we are seeing, continues to improve substantially and in my view, this is likely to continue for some time.”

Robinson, who is also a highly experienced professional indemnity underwriter with 30 years’ experience in the Lloyd’s of London market, said the company is now in talks with suitable insurers that are among the 70 or so APRA-approved general insurers that can potentially write the class.

“Our desire and plan is to continue to write in the Australian market on a well-disciplined and selective basis,” Robinson said. “We also have some highly rated reinsurers that like the Landmark approach and would like to participate, via proportional reinsurance, in our business.”

Landmark is planning to set up an office in Sydney to write a number of specialist classes.