The beleaguered Home Indemnity market in South Australia has been given a boost, after a large insurer announced a new deal with the SA Government.
Set to kick off next month, the agreement will see the SA Government Financing Authority provide a 100% quota share reinsurance arrangement to Calliden.
It should be business as usual for clients and brokers, with Calliden to continue with existing underwriting guidelines and pricing structures.
The SA Home Indemnity market has been in a precarious position, with QBE only remaining in the market after it reached a deal to act as an agent for the SA Government temporarily.
Calliden Group CEO Nick Kirk says they plan to work closely with all stakeholders to ensure a seamless transition.
“As one of only two providers in the market, Calliden has developed a distinct capability in the provision of this product with the development of strong service standards, user friendly systems and a dedicated and experienced team,” he says.
“This agreement reinforces our ability to deliver risk management and administration services in relation to home indemnity insurance.”