360 Underwriting Solutions has acquired a majority equity stake in TLC Insurance, a New Zealand underwriting agency that specialises in providing mobile plant and heavy machinery solutions.

The business says the investment in TLC creates a strategic platform for it to expand its footprint in New Zealand.

“The acquisition of TLC not only announces our move into the New Zealand market but also enhances our capability in the mobile plant and equipment segment,” Denis Morrissey, one of the co-founders of 360 Underwriting, said.

“It also provides us with the foundation to build on the suite of products that TLC offers to increase our relevance to our broker partners in New Zealand by ultimately offering more product and more solutions."

Chris Lynch, the other co-founder of 360 Underwriting, says the move into New Zealand was a natural progression for the business’s ever-expanding network as the agency approaches its fourth anniversary.

“It will enable TLC to become even stronger and more dominant in their chosen niche market while it will allow 360 to offer other relevant and bespoke underwriting options that will complement TLC’s existing products and maximise coverage for their clients,” Mr Lynch said.

TLC Insurance says on its website it is the first to introduce the concept of an underwriting agency specifically for the insurance of heavy machinery in the New Zealand insurance market.

The TLC Insurance investment is the first significant announcement from 360 Underwriting since its partnership agreement with AUB Group last December. AUB Group took a majority stake in the business through a new General Commercial Underwriting subdivision that also brings in AUB agencies Fleetsure, Sura Hospitality, Sura Bus and Coach and Sura Plant and Equipment.

360 Underwriting says it expects to announce additional products and new partnerships in the coming weeks.