Catlin Australia has begun to underwrite Assetinsure’s professional indemnity (PI) portfolio after the business was transferred last Tuesday.

It follows the termination of Assetinsure’s agency agreement with Inter Hannover after five years.

Assetinsure has now stopped writing new PI business, with existing policies to run to expiry, when Catlin will invite renewal.

Assetinsure CEO Gregor Pfitzer says the transfer is a response to market conditions.

“Our PI portfolio consists of policies written by Inter Hannover and by Assetinsure,” he told insuranceNEWS.com.au. “In light of current market conditions that meant the scale of both individual portfolios was not optimal.”

Assetinsure has a number of other ongoing agreements with Hannover, he says.

Two staff will leave Assetinsure: National Manager, Professional Risks Ewen McKay and Senior Underwriter, Professional Risks Nick Beswick, who will join Catlin to transfer the PI business.

“Assetinsure has entered into this arrangement with Catlin with full confidence that its clients will benefit from Catlin’s proven record of superior service and financial security,” the company says.

“Catlin will also provide continuous cover to Assetinsure clients, recognising their previous insurance with Assetinsure/Inter Hannover.”

Assetinsure will service current policies and manage claims under all past and current policies.