Munich Re has contracted Willis Capital Markets & Advisory to help find a buyer for Great Lakes Australia, according to a media report citing unnamed sources.

Both companies declined to confirm the report when contacted by insuranceNEWS.com.au.

The German reinsurer has also declined to provide an update on the planned sale since its initial announcement on June 15.

Munich Re decided Great Lakes Australia’s capabilities “might be better realised with a change in ownership” after conducting a strategic review.

The reinsurer’s local primary insurance arm recorded gross written premium of $500 million last year, but it still falls short of management’s targets.

Munich Re says it remains committed to the Australian reinsurance market.