Ace Insurance will underwrite Calliden home insurance policies in Australia from November 1 under a new deal.

The arrangement deepens the relationship between Ace and broker group Steadfast, which bought Calliden last year.

Steadfast subsequently sold Calliden’s general insurance operations and part of its agency operations to Munich Re.

Calliden Insurance is the current underwriter for the residential products.

“We are extremely pleased to extend our partnership with Ace in this new deal,” Steadfast Underwriting Agencies CEO Simon Lightbody said.

“We will work closely… with Ace, leveraging its underwriting capabilities to ensure the continued growth and enhancement of our home and contents products.”

Ace Country President for Australia and New Zealand John French says the deal reflects growing ties with Steadfast.

“Underwriting Calliden home [cover] brings growth opportunities and is in keeping with our strategy of diversification,” he said.

The two companies declined to comment further on the deal when contacted by insuranceNEWS.com.au.

Steadfast Underwriting Agencies’ gross written premium grew 165% to $385 million in the year to June 30, aided by the Calliden and QBE agency acquisitions.