Epsilon Underwriting

What Epsilon Underwriting does

Epsilon Underwriting, trading as Epsilon Insurance Broking Services Pty Ltd, is a specialist underwriting agency founded in 2001 in Sydney, Australia. The company provides insurance underwriting services exclusively through a network of insurance brokers, targeting medium to higher-hazard complex risks that standard digital placement platforms cannot accommodate. Epsilon operates across seven product lines—Construction, Liability, Property, Parametric, Labour Force, Specialty, and Marine—covering large-scale infrastructure projects, labour hire and recruitment agencies, commercial and industrial properties, marine operators, and other niche industrial segments. Following the November–December 2024 three-way integration, the combined entity writes approximately $150 million in gross written premium across 50+ staff in Sydney, Brisbane, Hobart, and Newcastle.

The agency generates revenue through commissions on gross written premium, placing business with capacity providers including 24 Lloyd's syndicates and four local Australian insurers (HDI Global SE, Berkley Re Australia, New India Assurance, Liberty) structured through 12 binders, some of which have been in place for 18 years. The proprietary parametric insurance product uses predefined event triggers (named cyclones, earthquakes, excess rain, drought, extreme temperatures, flood) drawing on objective data sources such as the Australian Bureau of Meteorology, eliminating deductibles and enabling rapid payouts. Underwriters operate with direct decision-making authority within a single-underwriter-per-policy model, and the company explicitly contrasts this with automated platforms. Capacity is up to $100 million for liability and construction products, $30 million+ for property, and $20 million for marine liability. A fee-for-service property risk engineering offering extends the revenue base beyond pure commission.

Epsilon holds Australian Financial Services Licence 245612 and complies with the General Insurance Code of Practice and the Privacy Act 1988. The company is part of the Envest Group, which is owned by the international insurance group The Ardonagh Group, providing international reach and access to global capacity. Recognition in 2024–2025 includes the NIBA 3rd Most Trusted Brand ranking (2025), 2nd Highest NPS in the NIBA 2024 Broker Market Survey with a 17% YoY improvement, the 2025 Insurance Business Australia Top Award for Combined Liability, and a Bronze Award for Product Liability.

Name

Epsilon Underwriting

Legal name

Epsilon Insurance Broking Services Pty Ltd

Website

https://epsiloninsurance.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Epsilon Underwriting is a Sydney-based specialist underwriting agency serving Australian insurance brokers across seven complex-risk product lines—Construction, Liability, Property, Parametric, Labour Force, Specialty, and Marine. Operating within Ardonagh's Envest Group, the agency writes approximately $150 million in gross written premium through 50+ staff.

Ownership category

akta.pro rank

Product category

Specialty Insurance Underwriting

NAICS

Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

akta.pro secondary industries

Wholesale Insurance Brokerage (Excess & Surplus Lines) (FSAEADAD), Excess Casualty (Lead/Umbrella/XS) (FSAJAGAA), Co-Employment Risk Management & Insurance (Workers’ Comp, Liability) (BPACAGAH)

Keywords

• Specialty insurance underwriting
• Commercial liability insurance
• Construction insurance underwriting
• Marine liability insurance
• Parametric insurance solutions

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Underwriting Agency Commissions: Epsilon operates as a specialist underwriting agency earning commissions from insurers for underwriting insurance policies on their behalf. The agency writes complex and niche risks that require specialized expertise, placing business with capacity providers including Lloyd's syndicates and local insurers.
2. Gross Written Premium Revenue: As a managing agent, Epsilon generates revenue based on gross written premium volume. The combined entity following Wellington and Aster mergers writes approximately $150 million in gross written premium.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Epsilon Underwriting operates as a specialist underwriting agency providing complex, medium to higher-hazard insurance solutions to Australian insurance brokers across seven product lines: Construction, Liability, Property, Parametric, Labour Force, Specialty, and Marine. The agency writes business on behalf of capacity providers including 24 Lloyd's syndicates and 4 local Australian insurers, with combined gross written premium of approximately $150 million following the Wellington and Aster mergers in late 2024.

Product overview

Epsilon Underwriting is a specialist underwriting agency serving Australian insurance brokers, offering a portfolio of seven core insurance products across Construction, Liability, Property, Parametric, Labour Force, Specialty, and Marine lines. The company focuses on medium to high-hazard complex risks and provides tailored solutions backed by Lloyd's of London, Berkley Re Australia, HDI Global SE, New India Assurance, and Liberty. Following mergers with Wellington Underwriting (November 2024) and Aster Underwriting (December 2024), the combined business writes approximately $150 million in gross written premium with over 50 staff across offices in Sydney, Brisbane, Hobart, Newcastle, and Victoria/Tasmania.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction Insurance Comprehensive construction insurance covering material damage and liability for large-scale infrastructure and construction projects including roadworks, pipelines, wharves, airports, water treatment works, power generation, ship loaders, mine processing plants, and railways. Capacity up to $100 million backed by HDI Global SE and Lloyd's of London.
• Liability Insurance Comprehensive liability insurance covering public liability, products liability, financial loss, asbestos removal liability, and pollution coverage. Capacity up to $100 million for public/products liability and $20 million for financial loss, backed by Lloyd's of London and Berkley Re Australia. Single underwriter model across all liability sections.
• Property Insurance Commercial and industrial property insurance specialising in medium, high-hazard and complex risks. Covers manufacturing, warehousing, service industries, accommodation, and wholesaling sectors. Capacity of $30+ million backed by Lloyd's of London and New India Assurance, with fee-for-service risk engineering reports.
• Parametric Insurance Innovative parametric insurance protecting against predefined events such as named cyclones, earthquakes, excess rain, drought, extreme temperatures, and flood. Designed to complement traditional property insurance with no deductibles and rapid payouts triggered by Australian Bureau of Meteorology and similar objective data sources.
• Labour Force Insurance Tailored insurance for labour hire and recruitment agencies, registered training organisations, and employment consulting services. Includes broadform liability and professional indemnity with flexible limits from $10 million to $50 million, underwritten 100% by Liberty.
• Specialty Insurance Bespoke specialty insurance for complex risks that defy traditional classification, including ISR property and a wide range of casualty classes. Capacity up to AUD $50 million with delegated authorities and exclusive access to APRA security.
• Marine Liability Insurance Comprehensive marine liability covering public liability, products liability, ship repairers' liability, testing and commissioning liability, and statutory liability for both water and land-based exposures. Capacity up to $20 million backed by Lloyd's of London, with >90% of marine quotes processed in-house via broad binder.

Quantifiable outcome

• Gross written premium of $150 million following Wellington and Aster mergers
• +8 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Aster UnderwritingminorOthers · 1 December 2024Merger effective December 1, 2024, bringing Aster Underwriting under Epsilon management. Aster provides complementary liability schemes for security contracting, marine, pest and building businesses, operated independently by Nathan Kerr with three staff.
• Wellington UnderwritingcoreOthers · 1 November 2024Merger effective November 1, 2024, bringing Wellington Underwriting under the Epsilon brand. Wellington was a liability specialist with a labour force product. Directors Rob Hunt, Peter Gibb, Megan Sheehan and Kevin Corkery continue with the combined business.
• National Insurance Brokers Association (NIBA)minorStrategic or Co-development PartnerNIBA is the industry association for insurance brokers in Australia. Epsilon participates in NIBA events and workshops and is recognized in NIBA's annual Broker Market Survey.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Others

• Liberty Specialty Markets: Capacity provider to Epsilon (underwrites 100% of Labour Force product) and broader specialty market. Listed as OTHERS since they are also a capacity partner rather than direct competitor, but operate MGA-style delegated authority programs in similar lines.

Direct peers

• Hollard Insurance Australia: Large Australian underwriting group operating across personal and commercial lines with significant specialty/MGA operations through broker distribution. Direct competitor in the broker-channel specialty market Epsilon serves.
• CHU Underwriting Agencies: Specialist Australian underwriting agency focused on strata and commercial property risks, distributing through brokers. Comparable specialist MGA model with niche risk focus and broker-only distribution.
• Dual Australia: MGU/underwriting agency in Australia distributing specialty lines through brokers across multiple product classes. Operates similar underwriting-agency-as-intermediary model with delegated authority from capacity providers.

Broad incumbents

• CGU Insurance (IAG): Major Australian commercial and specialty insurer under Insurance Australia Group. Writes complex commercial risks that overlap with Epsilon's portfolio but operates as a direct carrier with broader product suite.
• QBE Insurance Australia: One of Australia's largest general insurers with significant specialty and commercial lines operations. Competes with Epsilon for complex commercial risks but as a direct carrier with broader portfolio including personal lines.
• Allianz Australia: Large multinational insurer's Australian operation with commercial/specialty lines including construction and property. Overlaps with Epsilon's construction and liability products but offers broader portfolio including personal lines.
• AIG Australia: Multinational specialty insurer with strong Australian presence in casualty, property, and marine liability. Provides capacity to specialty markets while also writing directly - overlaps with Epsilon's product mix at higher end.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/epsilonunderwriting
• Facebookfacebook.com/EpsilonUnderwriting

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Epsilon Underwriting