Experienced insurance executives Nigel Fitzgerald and Grant Cairns will team up later this year to launch a digitally led “underwriting venture” that aims to “redefine how insurance is delivered”.

Steadfast announced in March that COO Mr Fitzgerald would leave on July 1 to pursue a personal business opportunity. Mr Cairns, who yesterday resigned as AIG Australia CEO, will join him in October as a founding executive partner in the new business.

Mr Cairns took over as AIG’s local CEO in July 2023 after predecessor Mr Fitzgerald departed for Steadfast. Before that, Mr Cairns was Chubb’s head of property and casualty for Asia-Pacific.

“It’s incredibly exciting to officially partner with Grant, an industry executive I’ve always held in the highest regard, with a remarkable track record,” Mr Fitzgerald said today.

“We see a genuine long-term opportunity in the insurer segment to lower operating costs and significantly improve both broker and employee experiences using purpose-built, cutting-edge technology, free from legacy constraints.”

The business is due to launch with the acquisition of an underwriting agency in the fourth quarter of this year.

“The agency will then be expanded with enhanced capability to attract and support the industry’s best talent,” Mr Fitzgerald said.

He says the business aims to “redefine” insurance delivery by using technology including AI and automation. A purpose-built platform will address “long-standing operating and cost inefficiencies” in the industry. 

“This foundational step will pave the way for industry-leading talent to join. The mission is to serve brokers and their clients with greater speed of response and superior underwriting and claims service.”