Lumley and Specialist Underwriting Agency (SUA) are ending their 15-year underwriting relationship.

In a joint statement last week the companies said the decision was taken “by mutual agreement” to cease their underwriting partnership on the business practices protection (BPP) program at the end of the month.

From October 30 SUA’s underwriting support on the BPP product will be provided by Axis Specialty Australia. 

Lumley COO John Nagle says “changing dynamics within each of the businesses” was behind the move.

“Recent market trends and opportunities led to both parties concluding that our strategies for developing the product were no longer aligned, which led to our agreement for a mutual separation,” he said.

“We have always had a strong working relationship with the SUA team and wish them all the best in the future,” he said.

SUA director John Iles confirmed it will be “business as usual” for the BPP policyholders.

“We are pleased to continue with underwriting support from Axis Specialty Australia.”