Emergence Insurance
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| subheader = Emergence Insurance Pty Ltd (Australia)
Emergence NZ Limited (New Zealand)
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| image = {{#invoke:InfoboxImage|InfoboxImage|image=Logo of Emergence Insurance.svg|size=|sizedefault=frameless|alt=Emergence Insurance logo}} | caption =
| header1 = Corporate identity
| label2 = Type | data2 = Private — insurtech MGA / Lloyd's coverholder | class2 = category
| label3 = Traded as | data3 =
| label4 = ISIN | data4 =
| label5 = LEI | data5 =
| label6 = Registration number | data6 =
| label7 = Regulated | data7 =
| label8 = License type
| data8 = AFSL 329634 (Australia)
FSP 1005174 (New Zealand)
| label9 = NPN | data9 =
| label10 = Coverholder reference | data10 =
| label11 = License number | data11 =
| label12 = Incorporation | data12 =
| label13 = Founded | data13 = March 20, 2015{{#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Start date and age with unknown parameter "_VALUE_"|showblankpositional=1| 1 | 2 | 3 | br | df | end | p | paren }}
| label14 = Headquarters | data14 = Level 3, 4–6 Bligh Street, Sydney, NSW 2000, Australia | class14 = label
| label15 = Country | data15 =
| label16 = Domicile | data16 = Australia
| label17 = Licensed jurisdictions
| data17 = Australia
New Zealand
| label18 = Regulator | data18 =
| label19 = Ultimate parent | data19 = Emergence Insurance Group Pty Limited
| label20 = Major shareholders
| data20 = Steadfast Group Limited (33.33%, FY2016)
Hollard Insurance (initial investor, 2015)
| label21 = Group status | data21 =
| label22 = Key people
| data22 = Troy Filipcevic, Founder and CEO
Colin Pausey, COO
Jeff Gonlin, Chief Underwriting Officer
Blake Baxter, Head of Claims and Incident Response
Nikil Deo, Head of Technology
| label23 = Number of employees | data23 =
| header24 = Business & markets
| label25 = Operating status | data25 =
| label26 = Customer segments
| data26 = SME
Mid-market
Enterprise (>$250M revenue)
| label27 = Lines of business | data27 = Cyber insurance
| label28 = Business segments | data28 =
| label29 = Main products & services
| data29 = Cyber Event Protection (CEP-005.1)
Cyber Enterprise Solution (CES-003)
| label30 = Technology platform | data30 =
| label31 = Capacity providers | data31 = Certain underwriters at Lloyd's led by Markel Syndicate 3000
| label32 = Distribution | data32 = Broker-only
| label33 = Geographic markets
| data33 = Australia
New Zealand
| label34 = Branches | data34 =
| label35 = Customers served | data35 =
| label36 = Competitors | data36 =
| label37 = Market share rank | data37 =
| header38 = Key financials
| label39 = Currency | data39 =
| label40 = Market cap | data40 =
| label41 = Revenue | data41 =
| label42 = Insurance revenue | data42 =
| label43 = Operating income | data43 =
| label44 = EBITDA | data44 =
| label45 = Net income | data45 =
| label46 = Gross written premium | data46 =
| label47 = Net written premium | data47 =
| label48 = Loss ratio | data48 =
| label49 = Combined ratio | data49 =
| label50 = Commission / MGA fee | data50 = 15% default; 0%–25% selectable
| label51 = Total assets | data51 =
| label52 = Invested assets | data52 =
| label53 = Technical reserves | data53 =
| label54 = Contractual service margin | data54 =
| label55 = Net debt | data55 =
| label56 = Equity | data56 =
| label57 = Operating margin | data57 =
| label58 = Solvency ratio | data58 =
| label59 = Return on equity | data59 =
| label60 = Total funding raised | data60 =
| label61 = Last funding round | data61 =
| label62 = Last known valuation | data62 =
| label63 = Lead investors | data63 = Steadfast Group Limited
| label64 = Capital structure | data64 =
| label65 = Insurer financial strength | data65 =
| label66 = Capacity partner ratings | data66 = Lloyd's: AA- (S&P)
| label67 = External ratings | data67 =
| data68 =
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Template:Summary:Emergence Insurance
The following sections provide further details.
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Corporate and regulatory profile
🏢 Legal entities. Emergence Insurance operates through two entities: Emergence Insurance Pty Ltd (ABN 46 133 037 153; ACN 133 037 153) in Australia, and Emergence NZ Limited (FSP 1005174) in New Zealand.[1][2] The ABN has been active since 15 September 2008, with GST registration from 1 April 2017 and the business name "Emergence Insurance" registered from 23 July 2016.[1] The head office is located at Bligh House, Level 3, 4–6 Bligh Street, Sydney 2000, with a New Zealand contact address at Shortland Centre, Shortland Street, Auckland.[3][2]
🏛️ Group structure. The Emergence Insurance Group Pty Limited group comprises three entities, with two operating as managing general agencies and Lloyd's coverholders: the Australian operating company and the New Zealand operating company.[2]
📜 Regulatory status. Emergence holds Australian Financial Services Licence (AFSL) 329634 and acts under a binding authority given by Lloyd's underwriters to administer and issue policies, serving as agent for the underwriters rather than for the insured.[3][4] This operating model is consistent with a delegated authority MGA rather than a licensed insurer.
🔐 Insurance security. For the reviewed products, the insurer of record is certain underwriters at Lloyd's, led by Markel-managed Lloyd's syndicate participation, with Lloyd's underwriters authorized by the Australian Prudential Regulation Authority under the Australian Insurance Act.[4]
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Corporate structure, ownership, and funding
🚀 Origin and sponsorship. In March 2015, Steadfast Group Limited publicly announced the launch of Emergence Insurance Group Pty Ltd, with Steadfast and Hollard Insurance investing in the venture. Troy Filipcevic and Chris Stallard were identified as co-founders.[5]
📊 Ownership. A Steadfast annual report (FY2016) disclosed an equity-accounted associate position in the group, showing Steadfast's ownership interest rising from 25.00% in FY2015 to 33.33% in FY2016, indicating a follow-on equity acquisition between reporting periods.[6]
💼 Investor profile. The early capital and sponsorship signals are consistent with insurer-distribution adjacent backing — a large broker network sponsor paired with an insurer partner — rather than a venture-backed growth model.[5]
| Round | Date | Lead investor(s) | Notable co-investors |
|---|---|---|---|
| Strategic launch investment | Mar 2015 | Steadfast Group Limited | Hollard Insurance |
| Follow-on ownership increase (inferred from disclosed ownership change) | FY2016 | Steadfast Group Limited | — |
The FY2016 entry reflects a disclosed ownership percentage change, not a confirmed financing round; it is included as an equity-structure signal.[5]
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Founders and leadership
👤 Troy Filipcevic. Identified as co-founder in 2015 and presented as Founder and Chief Executive Officer, Filipcevic was formerly Executive Manager of Strategy at Suncorp Group and previously worked for Deloitte. He also served as Chair of ACORD in Australia at the time of the launch.[5][7]
🧑💼 Chris Stallard. Identified as co-founder in the 2015 launch announcement, Stallard previously led commercial and SME portfolio teams at Suncorp and worked for AIG in Lloyd's of London.[5]
👥 Current leadership team. The company's published team page identifies the following executive and functional heads: Troy Filipcevic (CEO), Colin Pausey (COO), Jeff Gonlin (Chief Underwriting Officer), Blake Baxter (Head of Claims and Incident Response), and Nikil Deo (Head of Technology).[7] The roster also indicates internal functions in technology, security operations, legal support within incident response, and actuarial capability.[7]
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Customer segments and underwriting appetite
🎯 Segment strategy. At launch in 2015, the business was described as tailoring products to the SME market, with Cyber Event Protection as the first product.[5] The enterprise segment is now explicitly addressed: Cyber Enterprise Solution (CES-003) targets businesses with more than $250 million in revenue across a broad range of industries.[8]
📦 SME to mid-market signals. Cyber Event Protection (CEP-005.1) offers policy limits of $250,000 to $10 million, worldwide territorial limits, and 100% Lloyd's security.[9] The product's packaged limit band and broker distribution model are consistent with SME to mid-market placements, with optionalities extending into more complex exposures such as supplier outage and criminal financial loss.[9]
🏪 Purchase channel. All insurance products can only be purchased through an insurance broker, biasing customer acquisition toward broker-led SME and mid-market distribution rather than direct-to-SME online bind.[10]
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Cyber coverage and policy architecture
📄 Policy form and issuance. For both Cyber Event Protection (CEP-005.1) and Cyber Enterprise Solution (CES-003), Emergence acts under binding authority from Lloyd's underwriters to administer and issue policies, serving as agent for underwriters.[4] CEP-005.1 is underwritten by certain underwriters at Lloyd's led by Markel Syndicate Management, Syndicate 3000, while CES-003 is underwritten by certain underwriters at Lloyd's led by Markel International, Syndicate 3000.[4][11]
⚙️ Policy trigger. The policy employs a hybrid trigger structure. First-party covers for business impacts are triggered by a cyber event or system failure first discovered and notified during the policy period, while liability cover uses a claims-made-and-reported framing.[4]
🛡️ CEP coverage map. CEP-005.1 covers cyber events including crimeware, cyber espionage, cyber extortion, denial of service, hacking, insider or privilege misuse, privacy error, payment card skimming, physical theft and loss, web app attacks, and point-of-sale intrusion.[9] The policy is organized into four sections: Section A (losses to the insured's business, including business costs from cyber events, events at IT contractors, preventative shutdown, and system failure with waiting periods); Section B (liability protection covering cyber events, multimedia injury, PCI liability, defense costs, civil or regulatory fines, and mandatory regulatory notices); Section C (cyber event response costs including credit and identity monitoring, cyber extortion, data restoration, IT forensics, legal advice, notification costs, public relations, and pursuit costs); and Section D (optional covers for non-IT contingent business interruption, supplier outage, and criminal financial loss vectors such as cyber theft, socially engineered theft, push payment theft, telephone phreaking, and cryptojacking).[9]
| Parameter | Value |
|---|---|
| Policy limits | $250,000 – $10M |
| Excess | From $0 |
| Territorial limits | Worldwide |
| Security | 100% Lloyd's |
| Incident response | Australia-based, 24/7/365 |
| Waiting period (business interruption) | 8 hours |
| Waiting period (system failure) | 48 hours |
| Indemnity period range | 30 – 365 days |
🏗️ CES coverage map. CES-003 targets businesses with more than $250 million in revenue and covers first-party and third-party costs from a cyber event through three principal modules: business interruption, cyber event response costs, and cyber and privacy liability.[8] Extensions include incident response, betterment costs, claims preparation costs, pursuit costs, telephone phreaking, and cryptojacking. Optional covers encompass reputational harm, system failure, dependent business system failure, multimedia liability, tangible property, and joint venture and consortium arrangements.[8]
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Breach response and claims services
🚨 Embedded incident response. For both CEP and CES, the policies describe an Emergence incident response service delivered by the company's in-house team. The service does not erode the policy aggregate, and no excess applies to it.[4]
🔧 Response components. CES materials depict coordinated response supported by specialist functions including legal, IT forensics, PR and crisis management, credit monitoring, identity theft specialists, and forensic accountants.[8]
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Notable exclusions and limitations
⚔️ War and cyber operation exclusion. Both CEP-005.1 and CES-003 include exclusions tied to war and cyber operations associated with war. The construct provides that a cyber operation causing a state to become an "impacted state" triggers the exclusion, with a carve-back for systems not physically located in the impacted state.[4]
⚖️ Jurisdictional and other exclusions. The CEP policy includes a U.S. jurisdiction-related exclusion framing covering claims, losses, and awards made in the United States or applying U.S. law, among other exclusions.[4]
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Cybersecurity services and technology
🖥️ Pre-bind and in-force services. CEP-005.1 policyholders have access at no extra cost to a vCISO Trusted Advisor (complimentary consultation and security and privacy advisory support), real-time cyber threat notification, dark web monitoring, and an incident response plan template.[12] The policy wording describes services including ongoing scanning of internet-facing infrastructure to determine vulnerabilities and dark web scanning to determine if data is vulnerable or shared.[4]
🤝 Enterprise services via cyberSuite. For CES-003, Emergence states it works in partnership with its sister company cyberSuite to provide policyholders with complimentary and heavily discounted pre-loss services.[8]
👨💻 Claims operations. The team roster includes a dedicated claims and incident response function alongside technology and security operations roles, supporting an operating model where underwriting is paired with in-house claims and incident response coordination.[7]
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Distribution, geography, and partnerships
📬 Broker distribution. Policies can only be purchased through an insurance broker, and the company's public site includes a broker login workflow.[10] Default broker commission is 15%, with brokers able to choose from 0% to 25%.[3]
🌏 Geographic footprint. Emergence operates in Australia (Sydney head office, AFSL disclosure) and New Zealand (Emergence NZ Limited, FSP number, Auckland contact address).[3][2] At launch in 2015, the business stated ambitions to tailor emerging risk products for SME markets in Australia, New Zealand, South Africa, and Asia.[5]
🏦 Capacity and strategic relationships. Capacity is provided by Lloyd's underwriters led by Markel Syndicate 3000, with Emergence operating under binding authority.[4] Company documentation references the Lloyd's credit rating of AA- from S&P.[3] Strategic partners include Steadfast Group Limited and Hollard Insurance at launch, with Steadfast disclosing a 33.33% ownership stake as of FY2016.[5][6]
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Financial signals and risk factors
📈 Scale and design. The product architecture spans SME to enterprise, and the operating model includes in-house underwriting, claims, incident response, and technology functions, consistent with a scaled specialty MGA design rather than a lightweight distribution-only model.[7]
⚠️ Capacity dependency risk. The reviewed products are explicitly backed by Lloyd's underwriters with 100% Lloyd's security, and Emergence operates under binding authority. This implies reliance on delegated authority renewals, line size decisions, and performance requirements set by the lead syndicate and Lloyd's oversight.[9]
🛑 Systemic cyber aggregation risk. The inclusion of war and state-linked cyber operation exclusions with impacted state constructs indicates management of systemic risk and regulatory expectations. The functional breadth of these exclusions is a notable factor for claims disputes in major systemic cyber scenarios.[4]
💰 Broker economics. The disclosed broker commission range up to 25% implies materially different netbacks by broker choice, making distribution concentration an important factor for economic analysis.[3]
🔍 Operational execution risk. Emergence positions security services (vCISO advisory, monitoring, dark web scanning) and incident response as part of its value proposition. Vendor reliance, data handling, and service-level performance governance details remain areas for further diligence.[12]
📋 Regulatory and conduct risk. Operating as an AFSL holder and as agent for Lloyd's underwriters places the firm in a conduct and disclosure regime with complaint handling expectations and cross-border data handling requirements.[3]
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Strategy and outlook
🧭 Strategic pillars. Emergence is built on three observed pillars: a segmented cyber product suite spanning SME and enterprise markets; bundled prevention and response with Smarter Cyber Services and in-house incident response positioned as core differentiation (with explicit non-erosion and no-excess mechanics); and a broker-centric distribution model with disclosed commission structure.[5][12][10]
📐 Trajectory. The disclosed move from SME-first positioning at launch in 2015 to an explicit enterprise product targeting businesses with more than $250 million in revenue indicates strategic expansion up-market while maintaining packaged SME propositions, supported by enhanced claims and incident response operations.[5][8]
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Company timeline
| Date | Event |
|---|---|
| 15 Sep 2008 | ABN activated for Emergence Insurance Pty Ltd.[1] |
| 20 Mar 2015 | Steadfast Group announced the launch of Emergence Insurance Group Pty Ltd; Steadfast and Hollard invested; Troy Filipcevic and Chris Stallard identified as co-founders; Cyber Event Protection launched as first product.[5] |
| FY2015 – FY2016 | Steadfast ownership interest disclosed as increasing from 25.00% to 33.33%.[6] |
| 23 Jul 2016 | Business name "Emergence Insurance" registered.[1] |
| 1 Apr 2017 | GST registration recorded for Emergence Insurance Pty Ltd.[1] |
| Mar 2025 | Company details sheet published with ABN, AFSL, broker commission range, and incident response contacts.[3] |
| Jan – Feb 2026 | Policy documentation versions observed for CES-003 and CEP-005.1 and related coverage overview and services sheets.[11][9] |
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See also
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References
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- ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 {{#invoke:citation/CS1|citation |CitationClass=web }}
- ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 {{#invoke:citation/CS1|citation |CitationClass=web }}
- ↑ 6.0 6.1 6.2 {{#invoke:citation/CS1|citation |CitationClass=web }}
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- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 {{#invoke:citation/CS1|citation |CitationClass=web }}
- ↑ 9.0 9.1 9.2 9.3 9.4 9.5 9.6 {{#invoke:citation/CS1|citation |CitationClass=web }}
- ↑ 10.0 10.1 10.2 {{#invoke:citation/CS1|citation |CitationClass=web }}
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- ↑ 12.0 12.1 12.2 {{#invoke:citation/CS1|citation |CitationClass=web }}
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