Underwriting agency Transcorp, which specialises in commercial motor vehicle, truck and plant and machinery insurance, will close at the end of the month.

CEO Mick Byrne told insuranceNEWS.com.au the company is being wound up and another insurer has agreed to buy its client list. He declined to name the purchaser or price.

Fourteen staff at Brisbane-based Transcorp – which began trading in 2000 – will be made redundant and Mr Byrne will retire after 43 years in the insurance business.

Catlin Australia says a binding authority agreement between the companies will expire at midnight on March 31. Catlin will administer existing policies to their natural expiry.

Hollard, the company’s partner before Catlin, will handle any remaining claims queries from the 2002 to 2010 period, Mr Byrne says.

The sale of the client list was arranged after an earlier deal fell through.