Global broker Cooper Gay is closing its Australian reinsurance broking operation.

Sources have told insuranceNEWS.com.au the London-based insurance and reinsurance broking group will handle the Australian business from London and its Singapore regional hub.

It’s understood a number of positions in the company’s Sydney office will be declared redundant.

The Epsilon underwriting agency, which Cooper Gay bought in February 2014, is not expected to be affected by the move.

A source in London told insuranceNEWS.com.au Cooper Gay, which has operated in the local market for about 15 years, “will cease to have a physical presence in Australia but has not withdrawn from the Australian market”.

“Going forward the Australian reinsurance broking business will be handled from London and Singapore.”

It’s understood the relocation will be completed by the end of the year.

More information in our regular bulletin on Monday.