The Underwriting Agencies Council (UAC) aims to expand its New Zealand membership following a three-year structural review.

UAC already has three members in the country and is hoping for more after meeting representatives of nine agencies in Auckland.

GM William Legge says internal structural changes “led us to ask if what we were doing was adequate and [to] look beyond our own backyard”.

“It was an obvious step forward when you look at the future and where we should be,” he told insuranceNEWS.com.au.

“We are not Australia-centric. We are a trade association looking after a unique niche of the insurance industry, and that niche exists across the globe.”

There will be benefits for both parties, he says, including the fact UAC has a code of conduct. “That is what regulators and insurers look for.”

Mr Legge estimates the size of the New Zealand market to be 20-25 agencies, but says nobody really knows.

He hopes to sign up about 12 agencies over a 15-month period. “I’ll be reasonably happy if we can get that, although obviously we want more.”

UAC Associate Director and Lloyd’s Australia Representative Adrian Humphreys also attended the Auckland meeting. Many of the agencies have Lloyd’s coverholder binders in their portfolios.

Mr Legge will hold further discussions with members, the Insurance Council of New Zealand and the Insurance Brokers Association of New Zealand.