Market Lane expands amid industry disruption

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Market Lane’s entry into New Zealand highlights its innovative insurance solutions, capitalising on growing demand amid climate change and other risks. Leveraging Lloyd’s partnerships, the business offers tailored services for brokers and clients

MARKET LANE'S recent expansion into New Zealand comes at a time of significant disruption in the local and global insurance markets. Traditional regional players are re-evaluating their positions, particularly in terms of risk class and retentions. This shifting landscape presents a valuable opportunity for Market Lane to offer tailored solutions to broker partners and their clients, backed by the strong support of its Lloyd’s partners. “With ongoing challenges such as climate change, inflation and geopolitical issues, the demand for innovative insurance options is increasing,” says Matthew Porteous, director/group head of operations and partnerships. “We view the New Zealand market as one of great potential, despite the inherent risks associated with NAT CAT exposures. Given the solid foundation we’ve built in Australia over the past five years, expanding into New Zealand is a natural, strategically considered step in our regional growth plan.”

Established in Australia in 2019, Market Lane Insurance Group was created to provide a central platform to deliver a diversified suite of world-class specialist insurance businesses to the insurance market. Market Lane is 100% independently owned and holds a New Zealand Financial Services License (1006105) from the New Zealand Securities and Investment Commission.

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“With ongoing challenges such as climate change, inflation and geopolitical issues, the demand for innovative insurance options is increasing”

Matthew Porteous, Market Lane

Described as a leading independent insurance business with a simple mission to create world-class underwriting and placement solutions for the risks of today and tomorrow, Market Lane is forging its way into New Zealand market with two brands: The Barn Underwriting and MLX Risk Partners. These establish a distinct niche in the market by emphasising a solutions-driven, underwriting-focused approach, says Kelsey Craver, country head at Market Lane New Zealand. What sets The Barn and MLX apart is their ability to provide meaningful capacity either independently or alongside each other, through leveraging strong global partnerships, and “this two-pronged strategy allows them to cater to a wide array of market needs, with additional offerings to come as we expand our presence in New Zealand”. “Unlike the traditional ‘fit within the box’ approach, these brands offer the flexibility to cover both medium- to higher-hazard risks as well as lower-hazard ones,” Porteous elaborates. “Flexibility is a key differentiator for Market Lane, as our efficient approach allows us to adapt quickly to the unique requirements of each risk.”

In addition, MLX benefits from a line slip and access to international open-market capacity, ensuring they can secure coverage swiftly and reliably for risks that may not be readily available to all broker partners – another feature that sets the brand apart. Reporting an overwhelmingly positive response to the launch into new territory, Craver says the strategic focus on both medium- and higher-hazard sectors has been well received by insurers and brokers alike. There’s been increased demand overall for additional capacity in the last few years, especially following severe 2023 weather events. In New Zealand

specifically, the need for capital providers has been further strained as traditional insurers look to manage their portfolios and risk profiles. “This has created an opportunity for us to support our broker partners and fellow insurers by offering capacity on a co-insurance or 100% placement basis,” Porteous says, adding that having a local team with extensive experience, complemented by Market Lane’s global network, is a recipe for success in the New Zealand market. “We are well equipped to offer innovative insurance and risk management solutions,” Porteous says. Craver agrees, adding that “the absence of legacy issues allows us to be agile and seize opportunities to provide tailored underwriting and capacity solutions to meet the unique and evolving needs we’re seeing on the ground”.

houses. Connecting with those who truly understand your message can be a key factor in successfully guiding your teams in the right direction – something that Market Lane understands well and is top of mind for the business as it sets down roots in New Zealand.

“We are always looking to identify gaps in existing offerings, and opportunities for new products that cater to the evolving client needs”

Matthew Porteous, Market Lane

“We have close relationships that have been carefully nurtured over time both in Australia and New Zealand,” Porteous says. “We are now leveraging advocates within these networks whilst also engaging in focused conversations with several independent and international brokers to further strengthen these connections.” By leveraging its knowledge that broking partners highly value traditional relationship-building approaches such as in-person office visits and clear communication – including promptly returning calls/emails and outlining mutually agreed service standards – Market Lane is able to cultivate deep and

personalised relationships with them across markets. “Developing and maintaining strong relationships with brokers here remains a top priority for us,” Craver stresses, adding that attracting key personnel will be critical to maintaining a high level of service standards for New Zealand.

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Establishing a distinct niche

Keeping strong – and local – relationships top of mind

Published 09 Sep 2024

Establishing a distinct niche

Keeping strong – and local – relationships top of mind

Looking ahead, the Market Lane team have identified other strategic priorities they will be working hard on going forward. These include expanding the business’s market presence, growing its portfolios and developing an in-house claims facility. There are several binders under the Market Lane umbrella that the business currently trades under in Australia and is looking to bring across to New Zealand. This move will allow the company to offer additional

insurance products and look to develop new offerings to address emerging risks and market demands. The ultimate goal is to spread the word on Market Lane’s value proposition to the market: client-centric underwriting and a risk management-based approach. “We will continue to strengthen brand awareness through our strategic partners and industry engagement,” Craver says. “We are always looking to identify gaps in existing offerings, and opportunities for new products that cater to the evolving client needs.”

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Established in 2019 in Australia

Entered New Zealand in 2024

Broad underwriting appetite

A+ capital strength and stability

Market Lane at a glance

For any business looking to expand into New Zealand from Australia, one of the primary differences between the two markets is scale. Australia’s market is significantly larger, with a broader range of large-scale businesses, whereas New Zealand’s market is predominantly comprised of SMEs. Porteous points out that while market cycles in the two countries may differ, New Zealand often follows trends set in Australia, and this positioning allows businesses with a solid Australian foundation to anticipate and adapt to emerging trends in New Zealand. Businesses should clearly define their value proposition and tailor communication to suit the distinct dynamics of the new market. Establishing a strong, tripartite relationship between clients, brokers and insurers is crucial, Porteous notes, as is identifying and engaging advocates within broking

100% independently owned

Catering to evolving client needs

Market Lane: Brands in New Zealand

The Barn Underwriting Agency

MLX Risk Partners

Keeping strong – and local – relationships top of mind

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