A former insurance broker who left the industry to enter the pest extermination business has developed a new company which among other things, specialises in exterminator’s professional indemnity and public liability cover. The company is looking to unauthorised foreign insurers (UFIs) to provide the cover.

World Insurance Network (WIN) Director Robert Mauldon told Sunrise Exchange News he will look to Philippines-based UFI Acropolis to underwrite some of the risks. He said his business acts as a broker rather than an underwriting agent, and has written agreements with several UFIs.

Mr Mauldon says WIN has “no particular reason” for choosing to sign agreements with UFIs other than the fact that it wants to access global expertise. “I wouldn’t say rates are cheaper, but they’re probably in line with local rates.”

He says security with his UFI links “is not an issue”.

“One of the major insurers is QBE International and that’s an offshore insurer,” he said. “There are still droves of people looking to this (offshore) market.”

Filipino insurers can’t access independent Standard & Poor’s ratings, and it’s understood all – including Acropolis – are administered with a standard BBB+ rating.

WIN will also write aviation, heavy motor and some motor vehicle. Granted an Australian financial services licence in April, it will use claims administration service Proclaim which will keep “the vast majority” of written premiums onshore.