TCorp awards $1bn mandate to UK insurer

TCorp has awarded a $1 billion mandate to UK-based insurance specialist Hiscox Capital Partners.

TCorp head of listed and unlisted asset management James Murray told Financial Standard the partnership was a strategic opportunity.

"We see this as a strategic opportunity to partner with a highly regarded insurer with a strong track record in insurance underwriting," Murray said.

"Reinsurance exposure represents an important part of the TCorp portfolio, providing returns consistent with TCorp client objectives, while allowing it to diversify the risk of the investment portfolio."

Hiscox Capital Partners is a division of Hiscox Re encompassing insurance-linked securities. Within the Australian market, its other large institutional partner is Future Fund.

This comes after TCorp released its half-yearly budget review earlier this year outlining the NSW government's strategy of fiscal repair to see the state's forecast return to surplus in FY28, rising to $1.3 billion.

The data revealed that the forecasted deficit for the FY26 financial year edged slightly above $3 billion, with the deficit improving to just over $1 billion in FY27.

Along with a bigger surplus, the review projected a lower funding requirement compared to the June 2025 budget papers. The forecast borrowing requirement for 2025-26 was $21.8 billion, down $2.4 billion, and $21.6 billion in 2026-27, down $4 billion.

TCorp also recently confirmed Gavin Sinnott as general manager, financial markets, in March.

Sinnott had been acting in the role since December 2025, having previously served as head of balance sheet for three and a half years.

In the permanent role, he oversees TCorp's funding strategy, balance sheet management, local government services and client risk solution functions across the NSW government's financing and investment arm.