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Swiss Re enters primary financial lines, casualty market

Swiss Re Corporate Solutions is expanding into the primary Australian market for financial lines and casualty insurance.

The reinsurer sees a gap in the market due to “rationalising” from established providers, and held launch events last week in Sydney and Melbourne for strategic broking partners.

Swiss Re says a new suite of policies will give Australian corporations a wide range of covers, including professional indemnity, directors and officers’, crime and general liability.

Head of Casualty and FinPro for Australia and New Zealand Jeremy Scott-Mackenzie told the move is a milestone in the business’ development.

Previously it has provided capacity, but now it is shifting to become a primary provider.

“Australian corporations are facing an increasing array of liability risks in Australia and overseas markets,” Mr Scott-Mackenzie said. “As a result, many corporates are seeking local, sophisticated commercial insurance solutions.

“At the same time there is volatility and uncertainty in the market, with a number of established providers rationalising their approach in the commercial insurance market.

“Against this backdrop, we are coming to the market with a fresh suite of new policies, a team of industry-recognised experts, quality capacity and the ability to work with brokers and corporations to write financial lines and casualty business in Australia.”

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