Sterling Insurance's New Lloyd's Binder: A Boost for Professional Indemnity Offerings
Empowering Australian Brokers with Enhanced Control and Product Options
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Sterling Insurance has announced the acquisition of a new professional indemnity (PI) binding authority with Lloyd's, a move set to provide Australian brokers with greater control over product offerings and pricing structures.
This development is part of Sterling's ongoing commitment to delivering tailored insurance solutions that meet the specific needs of niche and complex risk sectors.
The new binder is expected to streamline the underwriting process, offering brokers more certainty on terms and faster decision-making capabilities. This enhancement is particularly beneficial for sectors such as design and construct professionals, training providers, and consultants across engineering, science, and industrial fields, including construction-adjacent, marine, energy, and aviation industries.
Mike Stephens, who played a pivotal role in securing the binder, will continue to lead PI underwriting in New South Wales. He will also coordinate an expanded footprint following the recent additions of Leanne Leach in Brisbane and Gemma Sturgeon in Western Australia, with plans for a PI appointment in Melbourne.
By placing experienced decision-makers in key markets, Sterling aims to provide brokers with local access and reliable terms. This strategic move underscores Sterling's dedication to supporting brokers and their clients with efficient and responsive insurance solutions.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Financial Advice Association of Australia (FAAA) has urged the Federal Government to reconsider any blanket increases to professional indemnity insurance (PII) requirements, expressing concerns over potential cost escalations for financial advisers. This caution comes in response to Treasury's consultation on potential reforms to PII within the financial services sector. - read more
As of 1 July 2025, the Department of Health, Disability and Ageing has introduced a professional indemnity insurance (PII) product specifically designed for midwives providing intrapartum care. This development, under the Midwife Professional Indemnity Scheme (MPIS), ensures that midwives now have access to comprehensive PII coverage for all aspects of private midwifery practice. - read more
In a concerted effort to enhance the effectiveness of professional indemnity (PI) insurance within Australia's financial services sector, leading industry bodies have submitted a joint proposal to the Treasury. The submission, dated 13 February 2026, underscores the necessity for increased transparency and proactive measures to prevent systemic failures that have previously led to significant consumer losses. - read more
In a significant development for Australian small and medium-sized enterprises (SMEs), BizCover has announced the addition of Zurich's Professional Indemnity (PI) insurance product to its online platform, effective from 3 March 2026. This collaboration aims to provide SMEs with enhanced access to comprehensive PI coverage, addressing a critical need in the business community. - read more
In a significant development for the Australian insurance market, Markel, a US-based specialty insurer, has launched professional indemnity (PI) insurance products tailored specifically for Australian businesses. This strategic move comes in response to a notable reduction in PI insurance capacity over recent years, leaving many professionals seeking reliable coverage options. - read more
