Brit Insurance, a general insurance and reinsurance group, has opened a new Lloyd's service company in Australia.
In March 2010, Brit Insurance opened a representative office in Sydney, Brit Insurance Services Australia.
It will be enable Brit Insurance Australia to transact property treaty reinsurance business locally with effect from 1 July 2011.
Writing on behalf of Brit Syndicate 2987, the underwriting team will be led by Mike Davidson who has headed the Sydney representative office since it opened in 2010.
Brit Insurance Services Australia will act as the gateway for all property treaty reinsurance business emanating from Australia and New Zealand.
Brit Reinsurance chief executive Jonathan Turner said the office that Brit set up in Sydney in 2010 has proved effective in developing relationships and identifying new opportunities.
"By giving underwriting authority to Mike and Stuart we will be very well placed to provide an enhanced service to brokers and clients in these two important territories," Turner said.