Underwriting agency SLE Worldwide Australia will be expanding into the commercial property market with a new company, Mobius Underwriting.

The company has poached Affiliated FM Director Australia Operations Tim Higgins to head up the new business. He will start work at Mobius on September 1.

SLE MD Brad French told insuranceNEWS.com.au the new business was created out of London with Lloyd’s.

“We are one of the largest Lloyd’s underwriters and the move into commercial property is a worldwide first for Lloyd’s,” he said.

The new company will mainly specialise in office and retail buildings with a value of up to $100 million.

Mr French says Mobius’ approach will be conservative and the company has no plans to take on the larger commercial property underwriters.

“We have modest plans for the business to start with and we won’t be a market-maker against the large players,” he said.