AUB Group has purchased 360 Underwriting Solutions and announced a restructure of the company’s agencies operations into three subdivisions.

360 Underwriting, founded by Denis Morrissey and Chris Lynch, has a combined annual gross written premium (GWP) of $170 million and is an established partner of Austbrokers.

“They have a strong presence across SME general insurance and enjoy a leading position in key market segments,” AUB Group CEO Mike Emmett said today.

“The acquisition is aligned to the group’s disciplined approach to M&A in acquiring businesses that accelerate our portfolio scale and growth whilst adding to our core capabilities.”

As part of a restructure, the AUB Underwriting Agencies division will establish a General Commercial Underwriting subdivision, which will acquire 360 as well as equity stakes in existing group agencies Fleetsure, Sura Hospitality, Sura Bus and Coach and Sura Plant and Equipment.

General Commercial Underwriting will comprise fourteen agencies in total with GWP of $270 million and will operate primarily under the 360 Underwriting Solutions brand.

The total value of the equity interests acquired in 360 together with the equity in existing group agencies transferred into General Commercial Underwriting is $127 million, which is being facilitated by cash payments of $25 million as well as shares in the new entity.

Mr Morrissey and Mr Lynch will become shareholders in General Commercial and be responsible for leading the business.

AUB will also establish a Strata Agencies subdivision, to co-ordinate existing agencies in the area and increase the scale and focus on strata, and will establish a Sura Specialty subdivision comprising the remainder of the current agencies.