Promina subsidiary Vero has entered into an agreement to acquire specialist professional indemnity (PI) underwriter APUA.

Vero says APUA’s specialist focus on PI cover for accountants, architects, financial planners and other professions moulds well with the insurer’s acquisition strategy.

CEO Duncan West says the acquisition – which is expected to be settled by the end of the month – provides the insurer with “better opportunities to increase our presence in the challenging professional indemnity market”.

“Vero Profin and APUA understand the complexities and challenges of the Australian professional services market and both have considerable underwriting expertise,” Mr West said.

APUA’s principals, Peter Heal and John Urry, along with its staff are expected to join the Vero Profin team.