Failed Australian reinsurer Reinsurance Australia Corporation (ReAC) is still trying to reinvent itself as a general insurer. The company is hoping the Australian Prudential Regulation Authority (APRA) will grant a licence to enable it to start writing general insurance business in Australia from early next year.

ReAC says in a statement that it’s confident there are several areas where demand for insurance protection at a fair price is not currently being met and where new competition would be welcomed.

“Following the successful management of ReAC’s run-off, ReAC has also gained valuable experience resolving disputes and managing complex litigation in Australia and elsewhere,” the statement said. “The company is exploring areas where this experience might benefit other entities.”