Zurich Insurance Australia has entered into an underwriting agency agreement with Pacific Indemnity to expand its general and professional indemnity offering.
Under the agreement, Zurich will provide 25% of the capacity for Pacific Indemnity’s professional indemnity policies on a co-insurance arrangement starting December 01. The move is Zurich’s second, following the announcement of a deal with Fusion M&A earlier this year to back its warranty & indemnity product across the Asia-Pacific region.
Read more: Zurich boosts capacity in M&A insurance
Sean Walker, chief underwriting officer at Zurich Australia & New Zealand, said that the insurer’s support of Pacific Indemnity will give brokers and customers “even greater choice.”
“[The agreement is] further demonstration of how we are deploying our capability and financial strength to support financial lines products in the Australian market,” said Walker.
Meanwhile, Robin Cooper-Driver, head of financial lines & casualty at Zurich Australia & New Zealand, said that the agreement allows the insurer to respond to Australia’s “rapidly evolving” general and professional liability markets.
“As one of the leading liability insurers globally we are delighted to bring our insights and experience to our partnership with Pacific Indemnity,” said Cooper-Driver.
For his part, Pacific Indemnity managing director Jun Acance said that the diversification allows the agency to offer an expanded product portfolio to “meet the needs of our partner brokers and their clients.”