The New Zealand Underwriting Agencies Council (NZUAC) is contacting industry players to join the group as it prepares for its inaugural meeting in September.

As reported by insuranceNEWS.com.au last week, a group of underwriting agencies have banded together to set up the NZUAC with the support of the Australian Underwriting Agencies Council (UAC), which has been representing the sector in New Zealand for the past five years.

“We are contacting all underwriting agencies we are aware of that operate in New Zealand,” NZUAC Steering Committee Chairman John Baker told insuranceNEWS.com.au.

“Some of them are branches of Australian agencies that have New Zealand-registered entities. There is a definition of what constitutes an eligible agency and any business that meets that criteria is welcome.

“I anticipate that at this stage we do not have everyone that is eligible on our list but those that are listed have a premium income of 10% of the insurance market.”

Mr Baker says the idea for a New Zealand-focused peak body took off after UAC GM William Legge and NM Group CEO Lyndon Group visited twice to see if there was any support to have one set up.

Mr Legge told insuranceNEWS.com.au the time was ripe for New Zealand underwriting agencies to have a dedicated peak body looking after them.

“They came with options for a name and logo, a draft constitution plus legal advice and accounting services,” Mr Baker said. “They also made it very clear we’re forming a New Zealand-centric organisation which was entirely independent of the Australian UAC.”

NZUAC will be affiliated with UAC and similar peak bodies globally.

There are about 40 underwriting agencies in New Zealand as at April, handling about $NZ700 million ($652 million) of general insurance premiums.

NZUAC aims to speak with a collective voice for the group as more regulatory changes lie ahead.

“As the New Zealand insurance market becomes more regulated, the delivery of insurance solutions becomes more fragmented,” Mr Baker said. “We need a professional and united front to represent the interests of New Zealand’s 40-plus underwriting agencies.

“As an organisation, we’ll monitor and where necessary develop positions on insurance regulation, as well as engage in matters that affect the wellbeing of the underwriting agency [sector].”