Strata underwriter Insurance Investment Solutions (IIS) has purchased a strategic shareholding in energy underwriting specialist Asia Mideast Insurance and Reinsurance (AMIR).

North Sydney-based AMIR, a Lloyd’s coverholder, offers insurance and reinsurance for the upstream, downstream and renewable energy sectors. It has been headed for 24 years by MD Adel Dawood.

NSW-based IIS was founded in 2017. The acquisition follows a management buyout this year by principals Peg Reuben, Jesse Borthwick and Paul Butler. IIS had been part of AUB Group’s Austagencies.

Ms Reuben, who was formerly a client manager at Munich Re, says aligning with AMIR was “a win-win for both parties”.

“IIS and AMIR provide collective underwriting capability and specialist product knowledge that enhance our insurer and intermediary relationships, enabling us to deliver best outcomes to brokers and insureds,” she said.

AMIR’s website says it works hard to place risks, including Large Construction Risks, Public and Product Liability, Marine Liabilities including Terminal and Port Operator's Liability, Freight Forwarder and Ship Repairer Liability and Professional Indemnity. Renewable energy cover includes Wind, Biofuels, Solar, Hydro, Wave and Tidal.

Ms Reuben says IIS is seeking more partnerships in order to access new market segments via niche products.