As local underwriters tighten capacity and more risks shift offshore, Australia Underwriting is capitalising on emerging market gaps by focusing on challenging placements often overlooked by competitors.
 
Founded by George Vincent, Australia Underwriting is carving out a niche in the Australian insurance market by placing risks that most others won’t touch. George’s extensive underwriting background includes overseeing national placements at QBE Placement Solutions, where he became known to brokers nationwide. Having built multiple ventures from the ground up, George’s latest endeavour prioritises broker relationships—an approach that has proven essential in establishing Australia Underwriting’s national reputation.
 
Last year, Akshay “Vincent” Vincent, an engineering graduate with extensive experience working with international brokers in Australia, joined as a Portfolio Manager to actively manage the portfolio and growth of Australia Underwriting.
 
The company has been involved in placing risks such as cyclone-prone properties in Far North Queensland, motorsports associations, and distressed strata with defects.
 
With rising insurance costs leading to underinsurance risks and the softening local market forcing brokers to seek alternative solutions for complex placements, Australia Underwriting has placed itself in an advantageous position.
 
The company reports growing broker interest in its services, particularly for placements that prove challenging within established networks. This includes referrals from the major cluster groups, including internationals, nationally.
 
“We are not niche into one cluster group, and we are known nationally,” Vincent says. “Brokers find it hard to place some risks within their own networks, so they come to us because they know we can get it done.”
 
George says operating independently allows the business to consider risks that may not fit the appetite of larger, affiliated competitors.
 
Vincent notes that brokers often approach Australia Underwriting when standard markets are unable to provide cover, such as risks involving bushfires, named cyclones, and island properties.
 
“It’s a testament to our placement solutions,” Vincent says.
 
A recent placement for a national motorsports association illustrates the company’s approach. The association, with 20,000 members and more than 700 annual events, faced challenges securing liability cover due to historical losses and injury exposure of the industry.
 
“There are limited markets for motorsports associations because of the nature of exposure and potential injuries,” Vincent explains.
 
To address this, Australia Underwriting structured a solution involving a higher deductible to manage the risk effectively, complemented by additional excess layers for larger exposures. A deductible buyback further reduced the client’s liability, helping secure capacity of up to AUD 50 million for any one occurrence.
 
Vincent says this structure “lowered overall costs, making it more attractive to underwriters” and enabled the association to proceed with its operations.
 
In a similarly difficult placement, Australia Underwriting secured cover for a shoreline strata property comprising 80 units with a large insurable value. Most local markets were reluctant to provide cover due to unresolved defects. Australia Underwriting, by leveraging its market relationships and applying a structure like the motorsports association deal, successfully placed the risk.
 
Australia Underwriting credits much of its growth to strong broker relationships built on trust and transparency. George says brokers appreciate a direct approach.
 
“Brokers know if they come to us, we’ll tell them upfront if something can be placed,” he says. “We don’t just send like a post office. We do some homework, prepare a risk profile with our recommendations before sending it to the underwriter. If they want something more, they can look at the supporting documents provided. Otherwise, they sign straight away because they know the business is identical.”
 
This transparent process, combined with detailed risk summaries that provide comfort to the underwriters, allows them to make a quick decision. This quick turnaround time has helped the company achieve a higher strike rate.
Vincent adds that being selective about broker partnerships also plays a role. “We’re very clear about who we work with. With many years of experience in the market, I’ve learned who the serious brokers are,” he says.
 
Having built a sizable portfolio in under two years, Australia Underwriting is now looking to secure new capacities. Such an arrangement would allow the company to grow and potentially reduce turnaround times for brokers.
 
“It means brokers would have an alternative to competitors, with wider cover on competitive premiums.”
 
As Australia Underwriting pursues newer markets, its recent placements highlight growing broker demand for solutions to complex risks in an ever-growing market.
 
Brokers looking for support with challenging placements can reach Vincent and his team on 1300 287 475 (1300 AU RISK)
Email: distribution@australiaunderwriting.au
Website: australiaunderwriting.au