As part of Lumley's ongoing commitment to delivering better customer propositions, we are proud to announce the purchase of the Australis Marine business.

Australis is the dedicated underwriting agent for our marine portfolio, and following the acquisition of Australis, the business will become Lumley's new Marine Centre of Expertise.

The purchase is a positive step in Lumley's evolution as a comprehensive underwriter, and another important way in which we can build our internal capability.

The Australis acquisition, which will take effect from 1 December 2009, will offer closer integration and cross-sell opportunities between Lumley and Australis products, provide growth opportunities, and will ensure we offer our Brokers and customers a more streamlined and efficient level of service delivery. 

The good news is that our Brokers will get to work with the same expert marine team, and because the team is already considerably integrated into the Lumley business, the changeover will be seamless for Brokers and their clients.

Peter Cooper, Managing Director of Australis Marine, will be staying on until the end of December when he will retire, and Paul Munton will assume overall management for the Lumley Marine COE for the interim, along with the three remaining Australis shareholders.

This signals another key milestone in Lumley's ongoing growth and development, and we're confident the acquisition will deliver sustainable benefits and added value to our customers.