Brisbane-based Specialist Underwriting Agencies (SUA) has struck a deal to buy construction industry niche underwriter iConstruct.

SUA director John Iles says the acquisition will take effect on October 31.

iConstruct was owned by Sydney broker and online insurance innovator Guy Stening, who died earlier this year. It was placed into voluntary administration before SUA stepped in.

It provides material damage and liability policies online to the SME construction industry, with Liberty providing liability capacity and Ace underwriting its material damage products.

Mr Iles says Liberty will continue its relationship with the business and Ace will write material damage renewals until the end of November before a new, as yet undisclosed, capacity provider takes over.

iConstruct employs two staff at offices in Sydney and Brisbane. They have been offered ongoing roles at the company, which will retain its current brand.

“It’s a great niche business with a strong broker following,” Mr Iles said.

He says the acquisition allows SUA to enter a new market. SUA writes heavy motor fleet, excess burglary, business income protection, business practices protection, multimedia liability and corporate practices protection.