New Zealand brokers placing prestige, luxury, high performance and classic vehicle risks have a new specialist market to approach, after Australian underwriting agency MB Insurance confirmed it has launched local operations with a dedicated broker portal and prestige motor product.
The agency, which trades in Australia as MB Insurance Group and was established in 1989, according to its listing with the Underwriting Agencies Council (UAC), enters New Zealand with capacity from Lloyd's of London. It has been part of the ATC group since 2021.
Chairman Shane Sheppard (pictured) framed the move as a long-term commitment rather than an opportunistic expansion.
"We believe the timing is right because we have reached a point in our journey where the experience, capability and relationships we have built over 35 years in Australia can be brought to New Zealand," Sheppard said. "We are not entering the market simply for growth. We are entering because we believe we can add genuine value."
He was direct about what the agency wants from intermediaries.
"Our message to brokers is straightforward: you now have another specialist partner at the table," Sheppard said. "When a broker has a specialist motor risk, particularly a prestige, luxury, high performance or classic vehicle, we want MB Insurance to be one of the first markets they think of."
The launch is built around a broker platform the agency says was constructed specifically for New Zealand legislative requirements, rather than adapted from the Australian system.
Managing director Daniel McNamara said the platform removes proposal forms and email-based quoting from the process.
"The portal is built specifically for New Zealand brokers and their customers," McNamara said. "Vehicle registration search capability and local agreed value guidance are just some of the features we have included to make the experience fast and seamless."
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Head of strategy and business development Chris Quick put a figure on the expected straight-through rate, though it is a projection rather than a recorded result.
"We believe up to 75 per cent of quotes will be automatically approved by our portal, meaning brokers can bind cover and protect their client's vehicle right away," Quick said. "No wait times allows the broker to focus on being a broker in other areas. If it does refer, we aim for a same day turnaround."
The product is written on a strictly agreed value basis. It includes 75 per cent finance gap cover and a three-year new for old replacement feature, along with salvage rights for vehicles aged 25 years or older – a provision aimed at owners of restoration projects.
"For these vehicles, the owner has put a lot of blood, sweat, and tears and a substantial financial investment into their project over many years," Quick said. "If the vehicle is unfortunately written off, they will keep the wreck, which means they could rebuild or buy a similar vehicle and use parts off their wreck."
Claims are handled in-house rather than through a third-party administrator, supported by New Zealand partnerships including independent loss adjusters.
"Claim management is the most important function we perform. It is the proof of the promise we make at point of sale," McNamara said. "Our claims management team understand the product and understand the needs of prestige car owners, enabling them to provide service above and beyond a generic TPA. They focus on best in class service rather than simply clipping the ticket at lodgement."
Brokers can register for portal access through the agency directly.
