China Taiping takes Australia footprint with Lion deal

June 4 2019 by InsuranceAsia News Staff

Sydney based Lloyd’s coverholder Lion Underwriting has signed an agreement with China Taiping in Hong Kong to write marine risks in Australia.

Lion marine portfolio manager marine William Rich told “We are very proud that China Taiping has taken us on and given us its pen to go out there and write business.”

The binding cover authority agreement — which is for two years — is the first in Australia for China Taiping; the Chinese insurer has had a representative office in Sydney since 2017.

Rich added: “We decided to do things a little bit differently and approach a market that had not normally been thought of in Australia. That is why we started speaking to China Taiping Insurance, which has an office in Sydney, to look at what its future opportunities and appetites were in Australia’s insurance market, including the marine space.”

“It understands the market and has consulted with some very senior marine elder statesmen in Australia, so it is not coming in blind.”

China Taiping said the partnership will bolster its local presence.

“I’m delighted to [have a] footprint in the Australian insurance market by launching a cargo insurance facility through partnering with Lion Underwriting agency,” said PL Chan, China Taiping Insurance Hong Kong’s general manager.

“In the wake of the development of the marine cargo business, we look forward to having tremendous success ahead, as well as other insurance products.”