Cowden has bought the Hollard underwriting agency business held by failed company All Class Insurance Brokers.

The Hollard select broker purchased the business directly from Hollard, without having to deal with All Class’ receiver or liquidator.

Perth-based founder and director Colin Cowden says the book of household and commercial business will allow the company to expand further in the Sydney market. The brokerage income is likely to be more than $100,000.

All Class collapsed in May, owing about $1.9 million to insurers and other creditors. Last month the client book was sold to a fellow Steadfast member, Brisbane-based Consolidated Insurances.