Specialist construction and contractor’s plant agency Mecon Insurance has announced an underwriting and claims services deal with Munich Re subsidiary Great Lakes Australia.

Under the terms of the deal, Mecon will serve as an underwriting and claims services agent effective from the end of this month.

Mecon MD Glenn Ross says the deal is the “next phase” in the company’s development.

“It will undoubtedly present opportunities that we haven’t had before,” he told insuranceNEWS.com.au. “It’s created a level of excitement within our staff and I think the prospects for the company have increased dramatically.”

Great Lakes Australia is part of Great Lakes Reinsurance (UK) and a wholly owned subsidiary of Munich Re. The insurer carries an AA- rating from Standard & Poor’s.

Mecon will maintain its existing long-standing agency agreement with Hollard Insurance, which is also a Mecon shareholder.