FP Marine Risks Australia is in talks to operate as a separate entity after nine years as part of FP Marine Risks Hong Kong, according to an advisory note to underwriters seen by insuranceNEWS.com.au.

The company expects to issue more updates as discussions progress.

“After nine years operating under the umbrella of FP Marine Risks Hong Kong, our business has developed to a size and in a direction where operating as an independent entity makes both more sense and is a more efficient use of available resources, as well as allowing both companies to focus on their respective goals in their chosen regions,” the advisory note says.

FP Marine Risks Australia expects to maintain its “close and valued association” with UK-based Hyperion Group, which acquired a majority stake in FP Group in February 2013.

The group opened a Melbourne branch office in April 2006 to serve the Australian, New Zealand and Pacific Islands markets.