Steadfast underwriting agency Mansions of Australia has bought exclusive renewal rights to AIG’s home and contents portfolio for high and ultra-high net worth individuals.

As part of the deal, QBE will become the new capacity provider from October 5, taking over from AIG as the insurer of the existing Mansions Executive Insurance product. Terms of the transaction were not disclosed.

Steadfast says the acquisition will transform the scale and depth of Mansions to enhance its presence in the high net worth sector and reinforce its focus on delivering sophisticated insurance solutions to families and individuals.

Underwriting Agencies CEO Simon Lightbody says the ultra-high net worth individuals segment has significant potential and the acquisition will create strong synergies enabling better client outcomes and providing future growth opportunities.

The arrangements will also see AIG Australia Private Client Group Head David McMurdo joining Steadfast Underwriting Agencies as Chief Underwriting Officer of Personal Lines, effective September 6.

“David is a highly accomplished professional whose career has spanned the management of products, underwriting, and sales teams,” Mr Lightbody said.

“His experience and skills will be a tremendous asset to our company as we continue to scale our business with brokers.”

Mr McMurdo has worked in insurance for more than 18 years, starting in broking in Melbourne before moving to the UK and working in high net worth underwriting for Allianz and Zurich. Since returning to Australia in 2011 he has undertaken various leadership roles at AIG.

In his new role, he will be responsible for growing the Steadfast Underwriting Agencies’ personal lines footprint nationwide and driving strategies to continue to innovate and meet the needs of brokers and their clients.

Mansions of Australia has operated for more than 20 years, becoming part of Steadfast in 2014 after it was purchased with other former Calliden agencies.

Mr McMurdo says he will be leading the business into the next stage of its strategic development.

“Our new solution is forward thinking and flexible, coupled with the appropriate risk mitigation tools to protect and enhance the assets, and lifestyles of clients so they can pursue their passions with confidence,” he said.