Aurora joins forces with Lloyd’s to meet the needs of the SME market
6 November 2008
Aurora Underwriting Agency Pty Limited was founded by Mr. Wayne Miller, an experienced and capable insurance professional whose vision it was to develop in this sector of the marketplace and Aurora began its corporate life on 17th August, 2006.
Aurora began its underwriting services by managing a facility for the Calliden Group for the Not for Profit Welfare segment in Western Australia due to its association with a local insurance broker who had a significant market share in this unique area. Since those humble beginnings, this product has now spread to the rest of Australia with innovative and appropriate products being offered to this sector.
Mr. Miller said, "Since then, the burning passion behind Aurora's culture is to provide insurance coverage based on 'need' not convenience basis. Many niche markets need products which are tailored to genuine need and require significant research and development costs come to fruition."
The next product to meet this criteria were professionals practicing in the booming resources sector, where consultancy professionals engaged in the mining industry were disenchanted with the insurance industry's reaction to professional indemnity exposures and together with the Calliden Group, Mr. Miller developed a program which provided a dedicated product which provides understanding and recognition of the integrity and professional standing of this group of all important professionals who provide their expertise and knowledge not only to the resources sector in Australia but also to emerging markets around the globe.
In November 2007, Wayne Miller asked Mr. William Legge to join Aurora as CEO to deliver the passion of Aurora's vision and capture the opportunity, as an independent underwriting group, by improving efficiency and service through specialty products. William joined with a wealth of underwriting and management experience in the local insurer market and in the underwriting agency sector.
Mr. Legge said, "I joined Aurora with two primary objectives:
- to bring Aurora into the open broker market; and
- to establish Lloyd's coverholder status."
Both the above objectives have now been achieved with the announcement that Lloyd's have ratified the granting of binding facilities with certain Underwriters at Lloyd's.
This process has been greatly assisted by the appointment of Mr. Philip Hawkes as Business Development Manager at Aurora in June 2008. Philip brings thirty seven years experience at Lloyd's as well as working in the local market for the past three years in a similar role to that he now has at Aurora and has used his knowledge and experience to bring the objective of coverholder status at Lloyd's to fruition.
The first facility has been arranged via Lloyd's broker - Bowood Partners and placed with BRIT Syndicate at Lloyd's of London where worldwide business is written through Syndicate 2987.
Brit Insurance competes with the major Lloyd's syndicates and London Market Insurers for global business distributed into London by broking firms. Lloyd's has 62 syndicates of which Brit Insurance owns and manages the ninth largest integrated capital provider and managing agent at Lloyd's, with GBP525.0m of capacity for 2007, a 3.3% Lloyd's market share.
Mr. Hawkes said, "There are other facilities currently before other Lloyd's Syndicates in niche areas encompassing general liability, professional indemnity, directors and officer's liability, property, personal accident and motor vehicle which will be progressively released to the open broker market shortly."
Aurora is a shining example of long range planning by Wayne Miller and supported by a vision delivered by high calibre insurance personnel - William Legge and Philip Hawkes who are both passionate and like minded.
