Bringing its ‘solution first’ philosophy to the manufacturing, trades, commercial strata and recycling sectors
National insurer Australasia Underwriting (AUPL) today announced the acquisition of the Precision Underwriting property book. This represents the next step in AUPL’s wider growth strategy of making its service-led solution for complex property placements available to more brokers in the manufacturing, trades, commercial strata and recycling sectors.
Alan MacKay, Director at AUPL said, “There’s a gap in the market in these sectors for access to expert underwriting and we’re filling it, backed by Lloyds. The acquisition of the Precision property book has enabled us to engage with a wider broker distribution, almost overnight. The smooth transition of the Precision book is already underway and feedback from brokers about our pragmatic approach has been extremely positive. We encourage brokers that are not currently trading with us to get in touch to find out how we’re different.”
Managing Director at Precision Underwriting, Paul Douglas, commented, “Alan Mackay’s reputation in the local market and Lloyd’s is second to none, which made the decision to select Australasia Underwriting an easy one. Its risk appetite and expertise is closely matched to our portfolio, which has given our brokers the best possible underwriting support throughout the transition.”
The current hard market conditions mean capacity remains limited for trades in these sectors and AUPLs announcement is a welcome addition to a capacity strapped sector. Alan Brett, who recently joined AUPL’s leadership team said, “The hard market is impacting affordability for full protection for many customers. Our capacity is deployed in a solution-first approach, providing options so that our brokers are best placed to advise clients on the most appropriate course of action.”
