Hollard has doubled its presence in the intermediated SME sector through the acquisition of Calibre Commercial Insurance.

As reported in a Breaking News bulletin last week, the insurer has bought SME specialist Calibre from Munich Re for an undisclosed sum.

Calibre’s portfolio, currently underwritten by Munich Re subsidiary Great Lakes Australia, will be underwritten by Hollard from April 1 next year.

It will remain a standalone business and brand.

Calibre was established in 2015 following Munich Re’s acquisition of Calliden’s general insurance operations.

But less than a year later the reinsurer announced it was looking to sell its Great Lakes-linked assets following a strategic review of its primary insurance operations in Australia and New Zealand.

Hollard CEO Richard Enthoven told insuranceNEWS.com.au the Calibre business is about the same size as Hollard’s current SME portfolio.

“It is a great fit for Hollard,” he said. “This acquisition supports our strategic aim of building a meaningful presence in the SME insurance market and complements our growing commercial portfolio in Australia and New Zealand.

“We are committed to investing in and partnering with brands, brand partners and underwriting agencies for the long term.”

Ralph Ronnenberg, MD Munich Holdings of Australasia, believes Calibre has a strong future in the SME commercial market under Hollard.

“I’d like to thank all parties involved in ensuring a successful outcome for this partnership,” he said.

Calibre CEO Mike Hooton says being part of the Hollard Group will enable the business to develop. “Calibre Insurance will have the investment and backing to fulfil its ambitions in the SME commercial insurance market,” he said.

Mr Enthoven told insuranceNEWS.com.au the acquisition is a “significant step” towards Hollard’s goal of writing $1 billion in annual premium.

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