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360 takes stake in construction underwriter

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360 Underwriting Solutions has acquired a 50% stake in online underwriting agency eSentry.

The acquisition adds construction capability to a rapidly expanding portfolio at 360, which was set up by former senior Allianz executives Denis Morrissey and Chris Lynch in 2017.

The business, backed by QBE, will continue to trade as eSentry and offer annual and single construction project products, and residential owner builders products. A new business partner for eSentry’s mobile plant and equipment products is to be announced soon.

eSentry’s online solution for small and medium construction risks is “particularly attractive” and “immediately delivers a foundation to build this business into the future”, Mr Morrissey says.

Last month, 360 expanded into agriculture with a majority stake in specialist rural agency Insure That.

It was already active in commercial, aviation, accident and health and commercial motor lines, and added cyber in November.

eSentry says its technology solutions are “broker-centric” and will be enhanced by 360’s distribution reach and market expertise. The joint venture will accept new business and renewals from August 1.