AIG-owned reinsurer, Talbot Underwriting is to close its office in Australia and also its Lloyd’s China unit and will now service its renewals through its Singapore and London branches.
Talbot has said that it is to combine its regional underwriting capabilities into a single hub domiciled in Singapore, which it states will enable it to better serve the needs of its clients.
Chief Executive Officer (CEO) of Talbot, David Morris, commented: “With the support of our brokers and clients, our offices have built strong relationships and significant regional expertise in writing insurance and reinsurance.
“These changes to our structure will allow us to serve our clients more efficiently and bring enhanced value to all our partners in the region.”
The Lloyd’s re/insurer was acquired by AIG through its takeover of Validus Holdings last year, with Validus acquiring Talbot in 2007.
On the Lloyd’s China platform Talbot underwrites both facultative and treaty lines of business, including property catastrophe, marine and energy, and other specialty lines. The Australian office, which is in Sydney, underwrites all classes of business written by Syndicate 1183, which has a specialist focus on war and terrorism, energy and also marine business.