Talbot Underwriting, a subsidiary of American International Group (AIG), has decided to shut down its office in Sydney, Australia.
Folloiwng the closure of the office on 1 July, the agency will manage policy renewals through its Singapore and London offices.
Talbot opened its Australian branch in April 2015.
Talbot is integrating its regional underwriting capabilities under a single hub to better serve its clients in the region.
Additionally, the company is going to close its Lloyd’s China division.
Through these measures, Talbot aims to bring ‘enhanced value’ to its partners in the region.
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Talbot Underwriting CEO David Morris said: “With the support of our brokers and clients, our offices have built strong relationships and significant regional expertise in writing insurance and reinsurance.
“These changes to our structure will allow us to serve our clients more efficiently and bring enhanced value to all our partners in the region.”
Talbot operates within the Lloyd’s Insurance Market through Syndicate 1183. The company offers insurance services in the war and terrorism, energy, and marine sectors.
Talbot also has offices in London, Singapore, Miami and Santiago.
In February, AIG integrated Talbot’s regional facultative underwriting platforms with its regional underwriting team in Miami and Santiago to introduce AIG Facultative Desk, Latin America.