In an exclusive interview with APAC Entrepreneur, the distinguished entrepreneur shared his fascinating entrepreneurial journey.
Michael Wood, CEO, WOODINA UNDERWRITING AGENCY PTY LTD
Every entrepreneur has a ‘Plan A.’ For Michael Wood, Plan A involved a crease, a bat, and the roar of a crowd as a Test cricketer for Australia. Yet, the same singular focus that drove his sporting ambition eventually pivoted his destiny toward a different, more complex arena: the cut-throat world of insurance.
By the time he completed his Commerce Law degree with Honours, Wood realised his true calling was to fundamentally rewrite the rules of business. After his foundational year as a Supreme Court Judge’s Associate and admission as a solicitor in 1986, he immersed himself in the Professional Indemnity (PI) and General Liability market. This focus led him in 1990 to London—the undisputed global epicentre of insurance—where, as a salaried partner at Waltons & Morse, he observed an industry ripe for disruption.
In the mid-1990s, the insurance market was slow, laborious, and technologically stagnant. More critically, Wood observed a damaging flaw: insurers frequently settled unmeritorious claims simply to avoid high external legal defence costs, thereby sacrificing the insured professional’s reputation.
In 1993, Wood envisioned a solution: PI Direct, a unique model combining PI underwriting with an internal law firm. This concept, inspired by direct insurers like Direct Line, was built on two radical pillars of efficiency:
Launched in 1997, PI Direct soared, reaching the equivalent of GBP55 million in revenue with 120 staff, including 45 solicitors. Wood had successfully disrupted a complex market, proving that customer focus was the ultimate competitive advantage.
Success brought resistance. Large London brokers pushed back against the shift away from tradition, but PI Direct persevered. As Wood often reflects on this period, “Yes, people may look down their nose at you at times, but don’t be bothered by that natural envy, not at all. If it makes common sense to you, it will work.”
The most painful hurdle came in late 2006. After a private equity investor decided to sell, Wood was reluctantly persuaded to sell the company to Royal Sun Alliance (RSA). He deeply regretted the decision. His regret was amplified when RSA, bowing to political pressure from external law firms, dismantled the core model, leading to massive job losses. “I have always regretted selling,” Wood states, realising a crucial lesson: never allow the pursuit of money to compromise the integrity and legacy of the model.
Learning from the setback, Wood returned to Australia in late 2011 and set up Woodina in 2012, headquartered in Brisbane. He immediately replicated the award-winning claims model.
Over 14 years, Woodina has cemented its position as one of Australia’s foremost PI underwriters, building the book to approximately $50 million. Woodina’s strong market position is built on two core values. First, Service and Speed: a very quick quote turnaround, particularly via an online system that handles 40% of policies. This excellence was recognised with the 2024 Top Underwriting Agency of the Year – Brokers on Agencies award. Second, Reputation Protection: the claims service is peerless. Insureds benefit from a qualified solicitor guiding them immediately, and the critical fact that internal defence costs do not erode their excess. This model fosters enormous loyalty and earned the claims team the 2022 Underwriting Agency Claims Team of the Year (WUA/ML).
Today, as Founder and CEO of Woodina and Principal Director of Martello Law LLP, Wood maintains a flat structure to reject bureaucracy and ensure rapid decision-making. He relies heavily on strong senior managers and fosters organic growth, with all junior underwriters starting in admin. This efficiency has earned him personal recognition, including the 2025 Insurance Business Hot List (MW) and 2025 Leading Professional Indemnity Lawyer Doyle’s Guide (MW).
The latest chapter began in November 2023 with the APRA authorisation of Ivory Insurance Pty Ltd, a new specialist PI and GL Australian insurer. Backed by strong reinsurance, Ivory replaces Lloyd’s as the main capacity provider to Woodina and supports other underwriting agencies.
To handle claims for Ivory and other agencies, Woodina Law was changed to Martello Law. The ultimate ambition is to extend this unique model across Australia and internationally to countries with English-based legal systems, such as Canada and England (possibly via a Lloyd’s syndicate). This generational vision is supported by his sons, Thomas and Nicholas, who are keen to be involved.
With decades of experience, Wood’s advice to future leaders is profound: “Create and innovate.” He urges entrepreneurs to improve service delivery for customers, reduce costs through efficiency, and turn those improvements into increased profit. Beyond the balance sheet, Wood insists on a higher purpose: “And if successful, leave a legacy if you can.”
While acknowledging that being absorbed into a big company can threaten an efficient model, Michael Wood’s journey is a testament to the power of conviction. He has not only built successful businesses but, through Woodina and Ivory, is fulfilling his ultimate entrepreneurial mission: leaving his industry better than he found it.