Europes Leading Financial Services Firms Establish Offices in Australia
Australia (News4us.com) June 22, 2011
Two leading financial services firms have recently opened offices in Australia.
UK-based Brit Insurance, a general insurance and re-insurance group, has opened a new service office in Sydney.
Following the successful establishment of a representative office in Sydney in March 2010, Brit Insurance Services Australia Limited will be able to transact property treaty reinsurance business locally with effect from 1st July 2011.
Writing on behalf of Brit Syndicate 2987, the underwriting team will be led by Mike Davidson who has headed the Sydney representative office since it opened in 2010. Brit Insurance Services Australia will act as the gateway for all Property Treaty reinsurance business emanating from Australia and New Zealand.
Commenting on this significant development, Mike Davidson said: “We know from talking to brokers that they really value having access to locally empowered underwriters who understand the market and local conditions.
With all Australasian property treaty reinsurance business now being handled by myself and Stuart Anderson, brokers will have a clear, simple channel for doing business with Brit Insurance.
In addition, we’ll continue to provide representative services for other classes of insurance and reinsurance business which fall outside the scope of our Lloyd’s Service Company Agreement.”
Jonathan Turner, Chief Executive of Brit Reinsurance added: “This is a logical progression of our long-term strategy for this region. The office that we set up in Sydney in 2010 has proved effective in developing relationships and identifying new opportunities.
By giving underwriting authority to Mike and Stuart we will be very well placed to provide an enhanced service to brokers and clients in these two important territories.”
The new company will act as the gateway for all property treaty reinsurance business coming from Australia and New Zealand. Brit Insurance specialises in commercial business with distribution through brokers and intermediaries.
France-based reinsurer SCOR Global Life SE, a subsidiary of SCOR SE, has opened a new subsidiary in Australia and is authorised to conduct reinsurance business in the Australian and New Zealand markets.
SCOR’s global expertise is in group, retail and life business. It has had a property and casualty (P and C) reinsurance office in Australia since 1976.
SCOR Global Life SE,a subsidiary of SCOR SE, has opened a new subsidiary in Australia covering the Australian and New Zealand markets. The new subsidiary offers attractive and profitable opportunities for the Group, as the next phase in its continued growth in the Asia-Pacific region.
On 10 May 2011, the Australian Prudential Regulation Authority granted SCOR Global Life Australia Pty Limited authorisation to conduct reinsurance business in the Australian market. This follows on from approval received earlier in the year to operate in the New Zealand market.
With annual Life insurance premiums approaching EUR 7 billion and historical and forecast annual growth averaging 10%, the Australian and New Zealand markets offer attractive profitable growth opportunities for the Group. Current annual Life Reinsurance premiums total EUR 1.75 billion on these two markets.
SCOR’s partnership proposition to these local markets will particularly benefit from the Group’s global expertise in Group, Retail and Bancassurance Life business.With the opening of a local Life subsidiary, the team is well placed to deliver SCOR Global Life’s expertise in terms of products, services, training and innovative solutions, supported by the SCOR Global Life global Research & Development Centres.
The Australian subsidiary is headed by Craig Ford and is part of SCOR’s Singapore Hub, which acts as the headquarters of the Asia-Pacific Region with network offices in Beijing, Hong Kong, Kuala Lumpur, Labuan, Mumbai, Seoul, Taipei and Tokyo.
SCOR is already active on the Australian P&C reinsurance market, where its P&C office has been operating since 1976.
Gilles Meyer, CEO of SCOR Global Life, comments: “This initiative was announced as part of the Group’s strategic plan for 2010-2013, “Strong Momentum”, and is a key milestone in terms of generating profitable growth in these major markets. SCOR Global Life is now ideally positioned to bring innovative product and service solutions to clients in Australia and New Zealand. The local team will be supported by SCOR Global Life’s highly skilled and experienced global teams and by its Research & Development centres, in order to bring our global expertise to these significant new markets for the Group”.
Craig Ford is an Australian citizen, a graduate of the University of Bristol in England and a member of the Institute of Chartered Accountants in England and Wales. He has over 25 years’ experience in the financial services and insurance industries, and is supported by a local team of actuarial, product development, underwriting and claims experts.
Breaking story courtesy of Austrade.gov.au
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