MGA Landmark mulls specialty lines for Australian expansion
UK-based specialist managing general agent (MGA) Landmark Underwriting is exploring a number of specialist lines to expand its business in Australia.
Landmark specialises in professional indemnity business. The company has been active in Australia and New Zealand since mid 2018, having underwritten a substantial portfolio for its Australian carriers.
According to Alistair Sandilands, who has recently consulted for Landmark, the company is planning to set up an office in Sydney to write a number of specialist classes.
“Landmark is showing a real commitment to Australia and believes it has the basis for an effective office in Sydney that will complement the London Office. There are a number of specialist lines that they are exploring at present and which they hope to roll out shortly,” he said.
David Robinson, the group CUO and a professional indemnity underwriter with 30 years experience in the Lloyd’s of London market, further noted that the company is looking at the opportunities created by the withdrawal of large number of players from the Australian market.
Landmark plans to write in the Australian market on a "well-disciplined and selective basis".
“It has been a very tough year for Australia, and we at Landmark will continue to maximise our commitment to the market. We have a substantial underwriting expertise, loyal producers and a specialist underwriting approach that we believe will continue to deliver the prospects for substantial profits for our risk carriers," said Robinson.
"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. 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. Opportunities are there to be taken and we are in discussion 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. We also have some highly rated reinsurers that like the Landmark approach and would like to participate, via proportional reinsurance, in our business,” Robinson concluded.
