The binding authority allows Sterling to underwrite PI insurance on behalf of Lloyd's, offering brokers more certainty on terms and faster decision-making processes. This is particularly beneficial in the current market, where timely responses and tailored coverage are essential for meeting client needs.
Mike Stephens, the underwriter instrumental in securing the binder, highlighted that Sterling is broadening its appetite to include design and construct professionals, training providers, and consultants across engineering, science, and industrial sectors. This expansion reflects Sterling's dedication to addressing the evolving demands of the professional services industry.
To support this growth, Sterling has expanded its team by adding experienced underwriters in key regions, including Brisbane and Western Australia, with plans for further appointments in Melbourne. This strategic expansion ensures that brokers have local access to decision-makers, facilitating more efficient and responsive service.
For brokers, the new binding authority means access to a distinct offering that combines the security of Lloyd's capacity with the flexibility and responsiveness of a local underwriting agency. This combination is particularly valuable for clients operating in sectors with unique or complex risk profiles.
In summary, Sterling Insurance's acquisition of a Lloyd's binding authority for professional indemnity insurance represents a significant enhancement in the Australian insurance market, providing brokers and their clients with more tailored and efficient coverage options.
