Steadfast Underwriting Agencies says QBE will be the capacity provider for its Mansions of Australia business, which has expanded with the purchase of an AIG portfolio.

The capacity change follows Steadfast’s acquisition of renewal rights to the AIG home and contents portfolio for high and ultra-high net worth individuals.

“We’re very proud of our long- term relationship with Steadfast and are pleased to be providing capacity for Mansions Executive Insurance product from 5 October as it looks to strengthen its presence in the high net worth sector,” QBE Chief Customer Officer of Commercial Lines Jason Clarke said.

Steadfast says the acquisition of the portfolio will transform the scale and depth of Mansions to enhance its presence in the high net worth sector and reinforce its focus on delivering sophisticated insurance solutions to families and individuals.

The arrangements will also see AIG Australia Private Client Group Head David McMurdo joining Steadfast Underwriting Agencies as Chief Underwriting Officer of Personal Lines, effective September 6.

Mr McMurdo has worked in insurance for more than 18 years, starting in broking in Melbourne before moving to the UK and working in high net worth underwriting for Allianz and Zurich. Since returning to Australia in 2011 he has undertaken various leadership roles at AIG.

In his new role, he will be responsible for growing the Steadfast Underwriting Agencies’ personal lines footprint nationwide and driving strategies to continue to innovate and meet the needs of brokers and their clients.