Allianz says its financial lines partnership with underwriting agency Dual Australia will lead to an improved experience for broking partners.

As reported earlier this week, Dual will take over underwriting and management of the Allianz financial lines portfolio from October 1.

An Allianz spokesperson says the arrangement is “the best way forward for [Allianz] to invest and grow in this market by leveraging [the agency’s] capabilities. Alongside its impressive distribution, underwriting and claims expertise, Dual has an excellent technology platform that will result in an improved experience for brokers.”

Allianz says its strategy over many years has been to form long-term partnerships with underwriting agencies in specialty classes.

The spokesperson says the Dual partnership does not mean Allianz is withdrawing from the financial lines market.

“While we are transferring this business to Dual, the existing portfolio will continue to be wholly underwritten by Allianz. Supported by a joint approach from both organisations, we are committed to a seamless transition ... and we have a detailed transition plan in place to minimise impact to brokers.”

The spokesperson says all Allianz financial lines policies incepting from October 1 will be managed by Dual. Brokers will start liaising with contacts at Dual in place of their current contacts at Allianz.

Claims for existing policies will continue to be managed by Allianz, with Dual taking on claims for policies underwritten after the transition, the spokesperson says.