Delta Insurance, an underwriting agency, has launched its operations in New Zealand as part of its strategy to capitalize on the country's growing insurance market.
Delta Insurance, which has been established by managing director Ian Pollard and general manager Craig Kirk, will deliver specialist niche liability alternatives for brokers and businesses.
Before forming Delta, Pollard worked with AIG for nearly 15 years in a number of executive positions in London, Hong Kong, Singapore, New York and Auckland.
Explaining the rationale behind the launch of the new company, Pollard said: "The recent consolidation among the large insurance companies here in New Zealand has been largely driven by off-shore forces."
"There’s a need for a nimble alternative that is focused on New Zealand businesses and can offer the flexibility and protection they need in a fast-changing world.
"We have a fairly healthy $400 million premium liability insurance market here which I believe has potential to grow," Pollard added.
Delta Insurance general manager, Craig Kirk, has earlier worked with Lumley General, AIG and Zurich Financial Services, in various senior professional indemnity and liability managerial roles in New Zealand, Australia and the UK.
Kirk said: "Experience of insurance markets abroad has given me and Ian a solid understanding of what’s needed to shake up the New Zealand insurance market, which is quite traditional in the way it operates."
"This global perspective means we understand the risks that businesses face and has enabled us to develop better ways of doing things that will benefit local brokers and businesses.
"From our policy structure to service delivery, we’re going about it all very differently and we believe our approach will become the future standard in the industry," Kirk explained.
Delta Insurance will provide an assortment of niche, commercial liability insurance products addressing financial, professional, casualty and cyber risks. The company delivers policies in various packages to suit individual business requirements.
The firm aims to boost its presence over the next three- to five-year period, by establishing a strong footprint in New Zealand and the Pacific Islands through 2014 and 2015 with further geographical expansion in Asia from 2016.
Image: Delta Insurance launches operations in New Zealand.Photo courtesy of PinkBlue/FreDdigitalPhotos.net.