Suncorp is buying AMP’s General Insurance Distribution (AMP GID) business, which operates through 700 authorised representatives.

The price has not been disclosed, but is not material to either company, which would require them to announce it to the Australian Securities Exchange.

Suncorp has provided general insurance products to AMP through the GID business, which is strong in the SME market. It plans to continue operating GID on the same terms and conditions. AMP sold the business to focus on wealth management.

Commercial Insurance CEO Anthony Day says the acquisition is “part of Suncorp’s strategy to strengthen its distribution footprint and grow its business, as well as provide distribution in line with clients’ preferences”.

GID has distribution agreements with GIO, National Transport Insurance and CGU.

The transaction is expected to be completed on December 31.

In 2001 Suncorp acquired AMP’s general insurance manufacturing capability.