Sydney-based Assetinsure, which was acquired by CBL Insurance Group last September, has sold its corporate property portfolio to Pen Underwriting.

The company declined to reveal the transaction price when contacted by insuranceNEWS.com.au, citing confidentiality clauses.

Auckland-based CBL had previously flagged a review of all Assetinsure product lines, including property, agency, multi-peril crop insurance and enthusiast special lines.

“This is a business with very significant policy limit and it is very understandable that the new owner can determine whether that combination is reconciled with their business and risk appetite,” Assetinsure CEO Gregor Pfitzer told insuranceNEWS.com.au.

“It is a decision that was, of course, discussed with the board, and the decision is taken to find an orderly exit and the arrangement that we have found achieved exactly that.

“We staged an orderly transfer without disrupting the broker and underwriter relationship, and even the ultimate underwriter and client relationship.”

Assetinsure ceases writing new corporate property business with immediate effect. Current policies will run to their natural expiry dates, with Arthur J Gallagher-owned Pen to invite renewals.

CBL, a specialty insurer and reinsurer, reported an 83% rise in net profit to NZ$35.5 million ($31.5 million) last year.