AmTrust International, a global specialty insurance company and a subsidiary of AmTrust Financial Services, Inc., has strengthened its presence in the Australian market with the launch of AmTrust Specialty Limited, an Australian Prudential Regulation Authority (APRA) licensed entity in Australia.
The insurer’s decision to establish a licensed business in Australia is a key part of its long-term strategy and reflects its commitment to expanding its business and competing effectively in the market.
AmTrust International has observed steady demand for its legal expenses coverage and this local license will support the continued growth of the business in the country.
“Our entry into the Australian legal expenses insurance market is a significant milestone for AmTrust,” said Bruce Whitmee, CEO of AmTrust Specialty Limited. “With a highly skilled underwriting team and clear demand from intermediaries, funders and legal professionals, we are well-positioned for growth. This expansion reflects our long-term commitment to Australia and our ambition to build a sustainable business that brings AmTrust’s global strength and expertise closer to our clients.”
AmTrust International offers after-the-fact (ATE) and before-the-event (BTE) insurance products to support individuals and businesses who may be unable to pursue or defend legal action due to financial risk.
According to the announcement, the product suite will be distributed through insurance intermediaries, litigation funders and attorneys.
“We are pleased to continue building out our legal expenses offering,” said Simon Warr, chief underwriter for legal expenses at AmTrust International. “Australia’s mature legal environment makes it a strong market for ATE, and we see significant opportunities to further expand our presence in this area. The BTE market, while underdeveloped and recently underserved, offers clear potential for partner-based plans.”
AmTrust International legal costs underwriter Chiara Stoehrmann said: “This underlines our commitment to the Australian legal costs market and expanding access to justice. We have now established significant capital domestically, as required by the Australian Prudential Regulation Authority (APRA), and we are well-positioned to support long-term, sustainable growth in this area.”