Lockton Australia introduces new Latent Defects Insurance (LDI) product
Following over two years of sustained consultation and collaboration with a London-based insurer, Lockton Australia successfully introduced new Latent Defects Insurance (LDI) capacity to the Australian market. This is a key milestone in tackling long-standing structural and financial risks within both the construction and insurance sectors. This development comes at a pivotal time, as it aligns with the New South Wales Government’s intention to mandate LDI by 2028. The capacity, sourced from the London Market, is available nationwide and brings much-needed competition to what was previously a monopolised space. While mitigating risks associated with dependency on a single insurer, Lockton Australia is also able promote a more resilient and functional insurance market.
In New South Wales, the product’s appeal is further strengthened by the potential waiving of the Strata Bond. Our LDI solution provides significantly higher limits than existing market offerings, and features purpose-built policy wording — fully aligned with regulatory expectations and the broadest available globally.
Lockton is one of only two brokers in Australia with exclusive access to this product and capacity. This initiative underscores Lockton’s leadership in delivering innovative, market-shaping solutions that support developers, owners, and contractors across Australia.
Lockton Australia partners with the Rabbitohs
Lockton Associates Guy Lowy and Flora Ramos, attended the season launch event and met up with Rabbitohs player, Latrell Mitchell.
Lockton Australia has entered into a new partnership with the South Sydney Rabbitohs, a rugby league team competing in the National Rugby League. As part of the agreement, Lockton is now the insurance broker of the South Sydney Rabbitohs, as well as, the Official Rabbitohs Business Chamber Partner.
The Rabbitohs boast 21 Premiership titles as part of a proud history dating back to 1908. The club’s owners include actor Russell Crowe and billionaire Mike Cannon-Brookes, CEO of Atlassian.
We are providing risk management and insurance broking expertise to the Rabbitohs, while also gaining exclusive sponsorship rights, branding opportunities, and access to high-level events. The agreement supports business development activities, brand awareness, and community engagement.
Together, the Rabbitohs and Lockton are creating unique experiences for key clients and prospects, such as match day hospitality and special co-branded events. Lockton guests will also get the opportunity to visit the Rabbitohs’ high performance centre and see a ‘Captain’s Run’ training session. This visit will also feature a networking breakfast overlooking the training field, followed by a boardroom session where Lockton Associates will share our expertise and provide an insurance market update.
Additionally, plans are set for an exclusive roundtable dinner event where selected Rabbitohs partners will join Lockton leaders for a dinner to build relationships and learn more about legislative changes impacting workers compensation. Rugby league fans within the Lockton team are also beneficiaries of the partnership, with ten match tickets available for each Rabbitohs’ home games throughout the 2025 NRL season.
Furthermore, Lockton will benefit from participating in ongoing business chamber events which include targeted introductions and support from the Rabbitohs’ Commercial Development Management.
Lockton acquires AXIS Financial Group's Corporate Superannuation and Insurance portfolio
Lockton has acquired the Corporate Superannuation and Insurance client portfolio from AXIS Financial Group (AXIS) in Australia.
Richard Matsinger and Steph Canicais, previously with AXIS, are now employees of Lockton, working from Lockton’s Perth office in the Group Risk team.
AXIS clients now benefit from Lockton’s extensive resources and capabilities while Lockton now has a new and expanded corporate superannuation offering for existing and prospective clients.
For over 30 years, AXIS has excelled in corporate superannuation consulting, assisting employers in transforming statutory superannuation expenses into valuable employee benefits.
This acquisition underscores Lockton’s commitment to strategically investing in industry specialisms that enhance client service and support our growth objectives.
We’ve been able to efficiently enhance and expand our capabilities while also bringing immediate value to our business.
AXIS co-founder and CEO Harry Burke said: “The management of remuneration benefits is becoming an ever more important consideration in managing the ongoing motivation and retention of employees by their employers.
The acquisition enables Lockton to offer a fully integrated, end-to-end service to the superannuation and insurance markets, benefiting both employers and employees".
AXIS Financial Group will continue to trade independently, offering employee superannuation consulting services to personal clients.
Dean Currie, Head of Group Risk at Lockton in Australia, said: “The specialised superannuation consulting services complement Lockton’s existing Group Risk capabilities to provide a more comprehensive employee benefit offering.”
“This acquisition positions us uniquely in the market, allowing us to offer comprehensive employee benefits consulting and end-to-end solutions that enhance the success of both current and future clients by improving employee wellbeing. We are now the only provider with such a complete offering.”