Marking its third year of operation, the New Zealand Underwriting Agencies Council (NZUAC) has announced its inaugural Expo, designed to foster connections among brokers, underwriting agencies, and insurance carriers.
As the specialized insurance arena encompassing niches and hard-to-place segments continues to gain momentum, the debut NZUAC Expo in October will shine a spotlight on the profound expertise and varied skill sets of local underwriting agencies.
Launched in 2020 with support from the Underwriting Agencies Council Australia, NZUAC has since harnessed its board's and members' local expertise to seize significant opportunities in the market. The driving force behind NZUAC has been a dedication to supporting underwriting agencies and providing cohesive representation in the ever-evolving insurance sector.
“Over the past three years, our commitment to supporting underwriting agencies and enhancing their market presence has yielded remarkable progress,” said Nigel Edmiston, executive director of NZUAC. “With substantial growth in membership, new market entrants, and previously unaffiliated agencies joining our ranks, we recognize that the time is ripe to facilitate connections between brokers and our seasoned members.”
Recent weather events and resultant losses have ushered in shifts in reinsurer capacity support and risk appetite. This environment has presented avenues for underwriting agencies to secure appropriate capacity and collaborate with brokers in catering to their clients' needs.
Moreover, the burgeoning specialized markets have unlocked opportunities for niche underwriters, including those specializing in cyber and accident and health. NZUAC touts its role in facilitating the introduction of these diverse skill sets through its partner and supplier resources.
NZUAC also encouraged interested underwriting agencies to join its council, providing access to support, legal updates, networking opportunities, and a wider exposure to the New Zealand broker market.
What are your thoughts on this story? Please feel free to share your comments below.
