Great Lakes Australia (GLA) has confirmed it has restructured its marine business.

GLA Manager Products and Strategy Bruno Filippello told insuranceNEWS.com.au the business had been operating under an agency agreement to provide a niche marine offering in Australia and New Zealand.

“In order to continue to develop our business model, the Great Lakes Marine operation will be integrated into GLA,” he said. “As of September 19, our marine business has been written directly out of GLA.”

The marine agency was established in April last year and started writing business a few months later. It wrote international cargo and commercial hull business as well as cover for port and terminal operators.

It’s understood the establishment of the marine operation caused some friction between major insurers and GLA’s owner, Munich Re.

But Mr Filippello says the change in the company structure will not affect the cover being offered by GLA and the aim now is to expand the business.