The Underwriting Agencies Council (UAC) is seeking expressions of interest and formal applications for a new strategic underwriting partner following Vero’s decision to end its five-year sponsorship.

UAC currently has two strategic underwriting partners in Lloyd’s and Hollard Insurance, and is allowed three under its constitution.

Chairman Lyndon Turner says while he is disappointed by Vero’s departure, he respects its decision and is looking forward to forging a new partnership.

“Our staff and board have worked very hard to support Vero’s underwriting agency marketing position,” he said. “There are many UAC members who have partnered with them, and indeed are still partners with them.

“This departure creates an opening and, due to the regular enquiries we receive from the market, the board feels it only best to open a formal process of discussions with the wider market to ensure we select the best new partner to join us.”

UAC offers access to 106 corporate voting members that employ more than 3000 staff and write more than $3 billion in annual gross written premium.

Suncorp spokesman Rob White told insuranceNEWS.com.au UAC remains important to Vero.

“We will still continue our relationship,” he said. “Five years is a substantial amount of time for a partnership and our departure gives [UAC] the opportunity to look for a new partner.”

Mr Turner says underwriting agencies have undergone “fantastic growth” and remain the most “dynamic decision-making insurance providers in the region. They need insurer partners to support their growth, and we offer strategic underwriting partner insurers great access and opportunities to invest profitably in this sector.”