Munich Re Specialty has formally entered the Australian primary specialty insurance market, offering Property, Construction & Engineering, Mining, and Surety insurance products to commercial and mid-market clients. The company announced the move on 2 November. Financial details were not disclosed.
According to the company, the business will have an initial focus on mid-market clients. Its local proposition gives access to the product range of Munich Re Specialty's Lloyd's syndicate and the broader capabilities of Munich Re Group, alongside continued investment in partnerships with its backed managing general agents in Australia.
The Australian business is headquartered in Sydney, an existing hub for Munich Re's corporate and reinsurance solutions. It is led by Chris Mackinnon, Head of Munich Re Specialty in Australia. The release names Chris Harnett as Head of Underwriting, Angus Kench as Head of Commercial Claims, and Alison Percival as Head of Partnerships.
Chris Mackinnon, Head of Munich Re Specialty in Australia, said: “Today is the culmination of purposeful strategic planning to bring the best of Munich Re Specialty to the Australian insurance market. Munich Re’s global financial strength, stability and technical prowess provides a powerful competitive advantage and a basis as a long-term partner for risk management. Complemented by my team of experienced underwriters and claims professionals, we will provide local authority with an easy to access, consistent and responsive approach. We have built client needs into our planning from the outset and for that reason, I have every confidence the market will appreciate our offering.”
Mackinnon spent nine years as Lloyd's General Representative in Australia and, from 2024, served as Regional Director for Lloyd's across Asia Pacific, Middle East and Africa. Mackinnon is a former director of the Insurance Council of Australia and the Underwriting Agencies Council, and sat on the NSW Divisional Committee of NIBA.
Munich Re Specialty is the specialty primary insurance business of Munich Re Group, which is based in Munich, and includes a Lloyd's syndicate. The company said the Australian entry is aligned with Munich Re Group's Ambition 2030 strategy.
The move builds on Munich Re Specialty's existing Asia Pacific presence, which includes offices in Singapore, Malaysia and Dubai, according to the release.
