Stardex subsidiary Pacific Underwriting has launched a marine cargo insurance facility backed by international marine syndicates using Lloyd’s of London.

The facility has a limit of $10 million with the ability to provide additional capacity if required. It will be headed by Brett Jackson, who most recently managed the Allianz Australia national marine portfolio.

Pacific Underwriting MD Mark Bailey says there is a need in the local market for additional capacity that offers clients tailor-made solutions rather than the market standard.

“Pacific will develop further marine-specific products where we can add value,” he said.