Joe Vella Insurance Brokers has suspended its specialist northern Australia broker 26th North after failing to secure an underwriter.

The company launched 26th North at last year’s Steadfast Convention as a specialist broker to write commercial cover north of the 26th parallel, which passes below Carnarvon in WA, forms the NT/SA border and hits the Queensland coast near Gympie.

It was welcomed as a sign that new capacity was entering the market.

MD Joe Vella told insuranceNEWS.com.au the underwriting fell through but he is “most definitely” going to get the venture working.

The company is renegotiating with its underwriting pool.