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Mitsui Sumitomo Insurance (MSI) and Argyle Insurance have entered into a multi-year capacity agreement to boost business insurance solutions for Australian small and medium-sized enterprises (SMEs).
This agreement will enable Argyle to provide a business insurance package with an extended total limit up to $7m, effective from 1 January 2025, to meet the requirements of SMEs operating in the competitive general insurance market.
Since launching in September 2022, Argyle has focused on providing modern business insurance through a network of select broker partners across Australia.
This partnership with MSI aims to strengthen Argyle's distribution network with customised solutions to address the requirements of Australian SMEs.
Argyle co-founder and MD Anthony Day said: “Mitsui Sumitomo Insurance is a well-respected provider with an excellent reputation. The partnership will enable us to continue to offer an outstanding proposition to our distribution partners and their customers.”
Argyle co-founder and CEO Matthew Morgan said: “This collaboration underscores our commitment to supporting SMEs in Australia through our intermediated distribution partners. We are very excited to explore all opportunities in the Australian market, as we embark on the next phase of our growth journey alongside MSI.”
MSI Oceania branch general manager Tomoyuki Komagome said: “By integrating our technologies in this partnership, we are creating a seamless platform for broker distribution and operations, allowing for faster analysis and improved communication. Together, we are set to drive significant advancements and establish new industry standards, unlocking significant growth opportunities."
Last month, MSI has also announced a multi-year capacity agreement with Coalition Insurance Solutions.
This partnership will introduce cyber insurance capacity in Australia from 1 January 2025, with MSI taking on a portion of Coalition's Australian Active Cyber Insurance Programme.
"Mitsui, Argyle sign agreement to boost insurance solutions for Australian SMEs " was originally created and published by Life Insurance International, a GlobalData owned brand.
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