Allianz has announced it has suspended all new business with the Winley AR network pending more information becoming available about the group’s alleged financial difficulties.
Recent media coverage alleges that Winley, the Perth-based authorised representative group, will be wound up after its major investors left the country, leaving underwriters unpaid for several months.
And although Allianz acknowledges it has received no official notification from ASIC or Winley with respect to the current state of Winley’s operations, it announced its intention to cease writing new business with Winley in a media statement.
Allianz is also taking a cautious approach to working with individual authorised reps who have left Winley to join other AR networks and “will not be automatically endorsing broker requests to appoint authorised representatives.”
In its media statement, Allianz added: “In accordance with its authorised representative appointment procedures, Allianz reserves its right to conduct appropriate due diligence on each authorised representative that seeks to distribute Allianz products through an alternate broker or broker network.
“Allianz remains committed to our broker partners and will work very closely with anyone that decides to provide authority to former Winley ARs. However because of the current circumstances and lack of clear information about insurers’ exposure, we will exercise caution when committing to transact with former Winley ARs.”
The Winley AR network is made up of an estimated 70 authorised representatives, with businesses all across Australia.