Hollard has announced the acquisition of SME insurance specialist Calibre Commercial Insurance from Munich Re for an undisclosed amount.

Calibre’s portfolio, which is currently underwritten by Great Lakes Australia, will be underwritten by Hollard from April 1 next year.

Hollard CEO Richard Enthoven says Calibre is a “great fit” for his group.

“Calibre specialises in SME insurance for Australian businesses,” he said today. “It provides practical, straightforward protection operating exclusively through a growing network of insurance brokers.

“This acquisition supports our strategic aim of building a meaningful presence in the SME insurance market and complements our growing commercial portfolio in Australia and New Zealand.”

Calibre CEO Mike Hooton says the acquisition will enable the company to develop.

“As part of the Hollard Group, Calibre Insurance will have the investment and backing to fulfil its ambitions in the SME commercial insurance market,” he said.

“The co-operation and support of Munich Holdings of Australasia in securing a new owner and underwriter for Calibre Insurance has been instrumental.”

Calibre was launched in 2015 following Munich Re’s purchase of Calliden’s general insurance operations.

Following a strategic review last year, Munich Re announced it would pursue divestment of its primary insurance arm and agency investments in Australia and New Zealand, including Calibre.

More details in our regular bulletin on Monday.