BRIT OPENS LLOYD'S SERVICE CO IN AUSTRALIA

Netherlands-domiciled Brit Insurance, which was recently taken over by private equity firm Apollo Global Management, has opened a Lloyd's service company in Sydney, Australia. Brit Insurance launched a representative office in the city in March 2010. Brit Insurance Services Australia Ltd will be able to transact property treaty insurance business in Australia from July 1. The team will underwrite on behalf of Brit's Syndicate 2987. It will be led by Mike Davidson, who has headed the representative office since its opening. Mr Davidson said that "we know from talking to brokers that they really value having access to locally empowered underwriters who understand the market and local conditions. With all Australasian property treaty reinsurance business now being handled by myself and Stuart Anderson, brokers will have a clear, simple channel for doing business with Brit Insurance". The office will continue to represent Brit for classes of insurance and reinsurance that fall outside the scope of the Lloyd's Service Company Agreement.