Talbot Underwriting Australia has signed an agreement with Steadfast to provide further wholesale property capacity in a new binder.

“This extends the reach of our capacity and allows us to provide property cover through our underwriting agencies when it exceed the limits of our present binders,” Steadfast MD and CEO Robert Kelly told insuranceNEWS.com.au.

Steadfast’s existing property cover is available through four London underwriters, and the company chose to set up a new binder with Talbot rather than dilute its existing binder.

Talbot Australia MD Adam Matteson says the new capacity extends Steadfast’s ability to take on larger property business, and will also cater for growth.

He told insuranceNEWS.com.au the agreement is also one of the first involving underwriting syndicates based in three markets: London, Australia and Singapore.

“The cross-border arrangement will almost certainly become more common in future,” he said.

“We’re keen to not just underwrite business for the Australian market, but also to provide support through the range of services we have available.”