Brit Insurance has established a new Lloyd’s service company in Sydney to handle property reinsurance.

The Sydney business will be led by Mike Davidson and will take over the underwriting and management of an existing book of business, Brit Syndicate 2987, written from London.

“It will be fully supported by the actuarial, catastrophe modelling, claims and finance resources in London,” Mr Davidson told insuranceNEWS.com.au.

“We will not be looking to grow the Sydney team in the immediate future unless the syndicate’s remit changes significantly.”

He says the Brit brand is well established in the region due to its insurance and reinsurance business handled through the Lloyd’s platform.

“We know from talking to brokers that they really value having access to locally empowered underwriters who understand the market and local conditions,” Mr Davidson said.

Mr Davidson says opening the syndicate’s Sydney office is part of a long-term strategy for the region and the plan was in place before this year’s natural disasters occurred.

The insurer opened an office in Sydney last year to identify new growth opportunities and service existing clients in the region.

“Brit Insurance will 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,” he said.