Allianz GM Commercial Denis Morrissey has praised the company’s local management for supporting his decision to buy an independent underwriting agency with National Manager Key Partners Chris Lynch.

“Agreeing to let two key executives from the same division step out was always going to be a tough call, but [MD and CEO] Niran [Peiris] understood our reasons for wanting to do something for ourselves,” Mr Morrissey told insuranceNEWS.com.au.

“He and the other senior managers have been terrific. The response from around the company and even around the market has been overwhelming.”

As reported in a Breaking News bulletin last week, the two men, who resigned last week and have already left Allianz, have purchased 100% of business pack underwriting agency Sura360. The agency was sold by AUB-owned Sura, which is consolidating its operations and focusing on its core segments.

Mr Morrissey says he and Mr Lynch have been permitted under the terms of their “gardening leave” to work on development plans for the new company, which will include the establishment of two companies – 360 Underwriting Solutions and 360 Commercial.

He will be the companies’ CEO and Mr Lynch will act as the commercial director of 360 Commercial, which is expected to be the growth arm of the operation.

The purchase of Sura360 involved “a substantial book of business”, and the new operation will be completely independent, with security continuing to be provided by CGU.

Allianz Broker & Agency Chief GM David Hosking praised Mr Morrissey and Mr Lynch last week as “dedicated, hardworking and driven colleagues” who have “been instrumental in creating the market-leading commercial insurance business Allianz has today”.

Sura MD Angie Zissis says his company established the 360 product two years ago, and “it has been building a loyal following with AIMS brokers across Australia”.

“We are pleased that the new owners are people that brokers know and trust and will continue to focus on growing the capabilities in the SME mass market segment.”