Brisbane-based Ivory Insurance Pty Ltd (Ivory Insurance) has earned its general insurance licence from the Australian Prudential Regulation Authority (APRA) under the Insurance Act 1973, effective immediately.
Ivory Insurance builds on a strong underwriting agency foundation to provide Australian underwriting agencies with capacity and expertise in professional indemnity, IT liability, and general liability insurance for small- and medium-sized businesses.
“We are linking with an award-winning law firm so that our underwriting agency partners' clients receive the support they need when claims are made,” Ivory Insurance CEO Scott Lawrence in a statement released on LinkedIn. “At Ivory, we aim to build strong, mutually beneficial relationships with our underwriting agency partners by understanding their needs and aligning our goals with theirs. Our capacity allows our partners to grow their businesses through an insurance model designed to improve customer experience and retention and, at the same time, reward our partners through a fair and equitable commission structure.”
Ivory Insurance chair Gregor Pfitzer said receiving authorisation from APRA “has been in the making for some time.”
“I am thrilled that we now can take care of business. Ivory is an Australian owned insurer, which will provide capacity and expertise for Australian underwriting agencies in the areas of professional indemnity, IT liability, and general liability for small- to medium-sized businesses using an award-winning claims management model,” he wrote on LinkedIn.
Ivory Insurance will build upon its initial partnership with Woodina Underwriting Agency as it continues to grow its presence in the Australian market.
In other news, the APRA seeks industry feedback on new cross-industry standard to centralise existing standards on definitions for general, life, and private health insurance companies and authorised deposit-taking institutions.
