Munich Re Specialty has announced its formal entry into the local market with a focus across property, construction and engineering, mining and surety.

Former Lloyd’s regional executive Chris Mackinnon joined the company earlier this year to set up the operation, which is targeting commercial and mid-market clients.

“Today is the culmination of purposeful strategic planning to bring the best of Munich Re Specialty to the Australian insurance market,” Mr Mackinnon said.

“Munich Re’s global financial strength, stability and technical prowess provide a powerful competitive advantage and a basis as a long-term partner for risk management.”

The Sydney-based business will also provide access to the product range of Munich Re Specialty’s Lloyd’s syndicate and Munich Re Group’s broader capabilities, alongside continued investment in partnerships with underwriting agencies in Australia.

Mr Mackinnon was previously Lloyd’s regional director for Asia-Pacific, Middle East and Africa, and led the market’s Australian business for almost a decade.

Munich Re Specialty Australian appointments also include Chris Harnett as head of underwriting, Angus Kench as head of claims and Alison Percival as head of partnerships.

Mr Mackinnon says the team of experienced underwriters and claims professionals will provide local authority with an easily accessible, consistent and responsive approach.

“We have built client needs into our planning from the outset and, for that reason, I have every confidence the market will appreciate our offering,” he said.

In 2023, Munich Re Group expanded its board of management to add an executive responsible for global specialty insurance, identifying the area as a growth opportunity.

Its Ambition 2030 global strategy, released at the end of last year, says the specialty segment will enter new markets and expand its product range as it drives revenue and earnings growth. Specialty’s insurance revenue target is €12-€14billion ($19-$22 billion) by 2030, with a combined operating ratio of 87%-90%.