360 Underwriting Solutions, the agency set up by former senior Allianz executives Denis Morrissey and Chris Lynch, has acquired a 50% stake in online insurance underwriting agency eSentry, adding construction capability to a rapidly expanding portfolio.

Backed by QBE, the business will continue to trade as eSentry and offer annual and single construction project products, and residential owner builders products. A new business partner for eSentry’s mobile plant & equipment products will be announced soon.

“Having QBE support our new construction venture reflects the capability we are building at 360 and the confidence we have been able to establish with all of our capacity providers,” Mr Morrissey said.

The eSentry online solution for small-to-medium construction risks was “particularly attractive” and “immediately delivers a foundation to build this business into the future,” he said.

Established in 2017, 360 expanded into agriculture last month with a majority stake in specialist rural agency Insure That.

360 was already active in commercial, aviation, accident & health and commercial motor lines, and added cyber in November.

Jason Clarke, Chief Customer Officer Commercial Lines at QBE Australia Pacific, says the eSentry platform provides an “efficient end-to-end business solution” for construction risk brokers.

eSentry says its solutions are designed with the insurance broker in mind and 360’s distribution reach and market expertise will enhance the offering.

The construction venture will accept new business and renewals from August 1.