Underwriting agency Asia Mideast Insurance and Reinsurance (AMIR) is seeking an investor partner to help its expansion in Australia.

The Sydney-based company – until now primarily concerned with the international oil and gas business – was established in 1997 as a joint venture between MD Adel Dawood and London broker Newman Martin and Buchan (NMB).

Mr Dawood owned 25% of the business and NMB the rest, but following broking group Cooper Gay’s acquisition of NMB, Mr Dawood’s offer to buy AMIR outright has been accepted.

“We are looking to build our domestic book and we have plans for niche products in the domestic market,” Mr Dawood told insuranceNEWS.com.au.

“We are looking for a partner to help us achieve these targets. It could be a broking group or an insurer.”

Mr Dawood says AMIR has “unique authorisation” to offer discretionary risk products relating to business risks, which will be provided under the registered name Australian Business Shield.