Following Munich Re’s acquisition of Calliden Commercial’s insurance operations in December 2014, a new Australian-based insurance company has been launched with a focus on servicing the commercial needs of Australian businesses.
Launched on 5 November, Calibre Insurance will operate as an Australian-based subsidiary of Munich Re and will be underwritten by Great Lakes Australia, with a focus on offering business package products, as well as industrial special risks, general and specialty liability.
Calibre Insurance CEO Mike Hooton says that the new company’s efforts will begin with a strong focus on the Australian market, with potential movement into the New Zealand market at a later date.
“Our focus is on the commercial needs of businesses in Australia that have chosen to use an intermediary to manage their insurance,” Hooton says.
“Our mandate is very clear: we operate as Munich RE’s primary insurance business in Australia with the view to growing our presence profitably in the commercial market.”
Hooton says that Calibre’s approach has a heavy leaning towards supporting the client-broker relationship, which is reflected in the company’s ‘good insurance’ positioning.
“Good business needs good insurance, good insurance needs good brokers, and good brokers need good business. It’s a strong bond,” Hooton says.
“It reflects the symbiotic relationship between our company, providing the insurance, and the brokers who service their clients. It also highlights that through working with good brokers, businesses have the right insurance.”
“It’s our way of emphasising we are not just there to simply deliver an insurance product, hand over a claims cheque. In the event of a loss, we want to help a client recover quickly,” Hooton adds.
Maintaining a strong relationship with its parent company, Hooton says that Calibre is looking forward to utilising Munich Re’s support and knowledge as they consolidate their position in the commercial market in Australia.
“I think having Munich Re as our owner is very significant, and certainly not lost on the brokers or clients that we deal with,” Hooton says.
“Being part of the Munich Re Group has provided confidence and stability, and enabled us to tap into the wealth of knowledge, experience and resources Munich Re has at its disposal.
“This is really powerful and something that we are looking forward to utilising as much as we can.”