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Allianz executives buy agency business

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Allianz Australia Commercial GM Denis Morrissey and National Manager Key Partners Chris Lynch are departing the company to run their own insurance business.

They have purchased commercial business pack operation SURA360 from AUB-owned Sura and will rename it 360 Underwriting Solutions, with the commercial business pack product as its flagship.

The product will continue to be backed by CGU.

Sura MD Angie Zissis says the sale of the company’s 100% holding in two-year-old SURA360 will enable his business to focus on its chosen niche industry segments.

“We are pleased that the new owners are people that brokers know and trust and will continue to focus on growing the capabilities in the SME mass market segment,” he said.

Allianz Broker & Agency Chief GM David Hosking says Mr Morrissey and Mr Lynch have been key leaders in the commercial business for 13 and 12 years respectively.

“Denis and Chris have played an important role in Allianz’s relationship with our broker partners,” he said.

To ensure a smooth transition following their departures National Manager Underwriting Agencies Katherine Griffiths and National Manager State Operations Craig Robson will report directly to Mr Hosking.

“We are also taking this opportunity to review our go-to-market operating model,” Mr Hosking says in a note to brokers.

More details in our regular bulletin on Monday.