Two more foreign insurers get the tick from APRA
Two direct offshore foreign insurers (DOFI) have been granted authority by the Australian Prudential Regulation Authority (APRA) to conduct new or renewal insurance business in Australia.
They are TT Club Mutual Insurance Limited and Sirius International Insurance.
The insurers were obliged to apply to APRA for authorisation due to new DOFI legislation.
London-based marine specialist TT Club was added to the APRA list on February 18. In Australia it is managed through the Sydney office of boutique specialist insurance service business Thomas Miller.
Stockholm-based Sirius International announced its authorisation on February 13. It operates through subsidiary Sirius International Insurance Corporation Australian Branch, with a focus on property, accident and health and contingency business.
It is a separately capitalised company within the White Mountains Re group, which is based in Bermuda.
TT Club and Sirius were among three insurers granted an exemption to continue operating in Australia until April 1.
The third, NZ-based credit insurer Contractors Bonding Limited, remains on the list of applicants, along with NZ life insurer Sovereign, which has an exemption until May 1.
They are TT Club Mutual Insurance Limited and Sirius International Insurance.
The insurers were obliged to apply to APRA for authorisation due to new DOFI legislation.
London-based marine specialist TT Club was added to the APRA list on February 18. In Australia it is managed through the Sydney office of boutique specialist insurance service business Thomas Miller.
Stockholm-based Sirius International announced its authorisation on February 13. It operates through subsidiary Sirius International Insurance Corporation Australian Branch, with a focus on property, accident and health and contingency business.
It is a separately capitalised company within the White Mountains Re group, which is based in Bermuda.
TT Club and Sirius were among three insurers granted an exemption to continue operating in Australia until April 1.
The third, NZ-based credit insurer Contractors Bonding Limited, remains on the list of applicants, along with NZ life insurer Sovereign, which has an exemption until May 1.