Australasia Underwriting, which specialises in hard-to-place risks in the manufacturing, trades, commercial strata and recycling sectors, has expanded its reach through a property book acquisition.

The Melbourne-based firm has acquired the Precision Underwriting property book, widening its broker distribution engagement.

“The smooth transition of the Precision book is already underway and feedback from brokers about our pragmatic approach has been extremely positive,” Australasia Underwriting Director Alan Mackay said.

The transaction follows a decision by Precision to focus on its core specialty areas, which include leisure liability, firearm insurance and standalone molestation liability.

Commercial Underwriting Director Alan Brett, who recently joined Australasia Underwriting says the acquired book has some similarities to the types of business already targeted by the agency, which is backed by Lloyd’s.

“That book has really complemented what we currently do, and has given us an immediate injection of new trade relationships,” he told insuranceNEWS.com.au.