Following its first year under new ownership and management, specialist general insurer Assetinsure has announced a profit of $11.9 million after tax for last year.

The company, owned by Babcock & Brown (50%), Asset Underwriting Group (25%) and other private investors (25%), entered the Australian general insurance market by purchasing all the shares of Gerling Global Reinsurance’s local operations.

Assetinsure CEO Peter Wedgwood says the result is very positive, “confirming our business model, which is to start up a general insurance business without being a greenfield operation”.

The acquisition of Gerling Global Reinsurance was completed in September 2003. While Assetinsure is discharging the liabilities resulting from the company’s reinsurance book, there is no ongoing reinsurance business. New general insurance activities commenced in March last year.

The company specialises in professional indemnity, directors’ and officers’, property, construction and financial risk.