360 Underwriting Solutions says it remains on the lookout for growth opportunities as it builds from an expanded base within AUB Group following an acquisition and restructuring deal.

AUB Group now holds a majority stake in 360 Underwriting through a new General Commercial Underwriting subdivision that also brings in AUB agencies Fleetsure, Sura Hospitality, Sura Bus and Coach and Sura Plant and Equipment.

The remaining equity is held by Denis Morrissey and Chris Lynch, who founded 360 Underwriting in 2017 after acquiring the $28 million gross written premium (GWP) Sura360 business from AUB. Areas including aviation, construction and engineering and rural were later added to the business

Following the AUB transaction, reported by insuranceNEWS.com.au in a Breaking News bulletin last week, they will be responsible for leading the General Commercial subdivision, which has total GWP of $270 million, and which will operate mainly under the 360 Underwriting Solutions brand.

“While it may seem premature that we have re-shaped the shareholding in the company after only three years of trading, we have come to the conclusion that the influence of a significant shareholder partner in AUB can only enhance our ability to achieve all of the plans we have for 360, and in turn create opportunity and relevance for our broker partners across Australia.” Mr Morrissey said.

He says the revamped entity will remain on the lookout for growth opportunities following the expansion path it has pursued in the past few years.

“We are absolutely committed to continuing to grow the business both organically and by way of acquisition,” Mr Morrissey told insuranceNEWS.com.au. “AUB are very supportive of our aspirations on that front.”

AUB Group CEO Mike Emmett says 360 Underwriting has a strong presence across SME general insurance.

“The acquisition is aligned to the group’s disciplined approach to mergers and acquisitions in acquiring businesses that accelerate our portfolio scale and growth while adding to our core capabilities,” he said.

The AUB agencies restructure, which took effect last week, also includes the creation of the Sura Specialty and Strata Agencies subdivisions.

Sura Specialty comprises 13 agencies targeted at specific industries or risk classes and has total GWP of $112 million.

Strata Agencies, with GWP of $82 million, brings together current businesses including Longitude, Sura Strata and Expert Strata.