Calliden Group has acquired a 50% equity stake in IUA Pty Ltd, formerly Interruption Underwriting Agencies.

IUA business which has previously been 100% underwritten by QBE will be placed in run-off, with all future business to be underwritten by Calliden.

Under the new arrangement announced yesterday, IUA MD Harry Dickinson Jnr will become CEO of the joint venture, with company founders Harry Dickinson Snr and Margaret Dickinson appointed as consultants.

All existing IUA employees will be employed by the joint venture, and it will continue to service intermediaries across Australia.

Calliden Group CEO Nick Kirk says the joint venture provides the opportunity to work with the experienced IUA team. "It adds another well-run, successful venture to our group, enhancing our existing agency distribution network," he said.

Mr Dickinson Jnr says the joint venture deal enables IUA to "grow with greater long-term security".

The terms of the acquisition are confidential.