ARAG launches operations in Australia
ARAG Services Australia Pty Ltd is a wholly owned subsidiary of the German ARAG Group and is starting operations as an underwriting agency in Sydney in respect of legal expense insurance products, underwritten by HDI Global Specialty SE – Australia.
ARAG Services Australia has been appointed by the insurer HDI Global Specialty SE – Australia to act under a delegated authority agreement allowing it to enter into policies and handle claims for legal expense insurance on the insurer’s behalf. The Australian ARAG subsidiary offers innovative legal expense insurance products targeting insurance brokers and other intermediaries. The range of products comprises both commercial and private legal expense insurance for families.
“We’re continuously strengthening our international business activities through new strategic opportunities for the ARAG Group as our international legal insurance business accounts for 60 percent of our total legal insurance revenue. In 2018, we recorded a premium growth of 7 percent in the Group’s legal insurance segment from A$ 1,487 million to A$ 1,590 million”, explains Dr. Dr. h. c. Paul-Otto Faßbender, CEO and majority shareholder of the ARAG Group. In 2018 the ARAG Group raised gross written premiums by 4.3 percent to A$ 2,619 million. “The Australian legal expense insurance market offers interesting growth opportunities and we are eager to get started on the continent, which is now the 18th country ARAG is active in”, adds Dr. Dr. h. c. Paul-Otto Faßbender.
Mark Fleiser, General Manager and Head of Branch for HDI Global Specialty SE – Australia said: “We are extremely excited to be working with ARAG Services Australia Pty Ltd to bring a new legal expense insurance offering to the Australian market. We recognise the significant value in providing customers with insurance cover during times when they face unanticipated legal expenses.”
ARAG was founded by Heinrich Faßbender in 1935 in Düsseldorf and has remained in family hands ever since. The initial business idea – that all citizens should be able to assert their rights, regardless of their financial standing – is as relevant today as ever.
The ARAG Group is the largest family-owned enterprise in the German insurance industry and has positioned itself as a versatile quality insurer. In addition to specializing in legal insurance, ARAG also offers its customers attractive, needs-based composite, health and retirement products and services from a single source in Germany. Active in 18 countries – including the USA, Canada and Australia – ARAG is also represented by international branches, subsidiaries and shareholdings in numerous international markets in which it holds a leading position as a provider of legal insurance and legal services. With more than 4,100 employees, the Group generates revenue and premium income totaling around 1.7 billion EUR.
More at: www.arag.com and www.arag.com.au