Unity Trade Credit has commenced operations as an underwriting agency in Australia, focusing on the SME trade credit insurance market. The agency is part of the Steadfast Group and is backed by Markel through Lloyd’s. Its services are available to brokers and their clients who require trade credit insurance coverage for risks such as bad debts and insolvency.
The company’s leadership includes managing director Uta Lucky, who has more than 40 years of experience in underwriting and broking within the insurance sector. Andrew Donnelly has joined as commercial underwriting manager, bringing over 15 years of underwriting experience in Australia and the UK.
Lucky said the agency’s launch comes at a time when SMEs are facing a range of challenges in both domestic and international trading. “This is a pivotal moment for the trade credit insurance sector, as SMEs face increasingly complex domestic and international trading conditions. Our deep market expertise coupled with innovative underwriting aims to deliver dependable solutions that meet the evolving needs of Australian businesses,” Lucky said.
He added: “Australian businesses will benefit from new capacity and a personalised approach to trade credit insurance. Unity is designed to offer brokers and their clients the security of Markel, the agility of a specialist agency, and the service excellence that fosters long-term partnerships.”
Steadfast Underwriting Agencies CEO Mark Senkevics commented on the addition of Unity Trade Credit to the group’s portfolio. “Unity Trade Credit reinforces Steadfast’s commitment to the specialty insurance sector. Trade credit insurance is increasingly vital in today’s economic landscape, particularly as businesses contend with tightening credit conditions and rising insolvency risks. Unity’s experienced team and independent structure will deliver meaningful value to brokers and their clients,” Senkevics said.
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Unity Trade Credit will operate across Australia, offering brokers an additional option for trade credit insurance placement. The agency’s stated aim is to work with brokers and provide coverage supported by Markel’s international resources.
Unity’s market entry comes as new data from Allianz Trade signals continued growth in global business insolvencies. The latest Insolvency Report projects a 6% rise in global insolvencies for 2025, with a further 5% increase expected in 2026. This would mark five consecutive years of rising insolvency rates, with levels anticipated to be 24% higher than pre-pandemic averages by 2026.
The Asia-Pacific region, including Australia, is forecast to see notable increases. Australia is expected to reach a 10-year high in insolvencies in 2025, while the region as a whole is projected to contribute significantly to the global total.
The report also highlighted the impact of recent tariffs and shifts in global trade, which are raising costs for raw materials and manufactured goods. These factors are influencing claims costs for insurers, particularly in property and auto lines, and are contributing to supply chain disruptions. Insurers are closely monitoring these developments as they affect both claims and pricing strategies.
