Custodian Underwriting Agency director Peter Hand says the business intends to continue operating after interest from potential buyers did not lead to a deal.

The business has deregistered two company names that are not required, but this has no impact on its continuing operations, he says.

“The company still exists and it still has a financial services number and there is still business on the books,” he told insuranceNEWS.com.au.

Mr Hand says AUB-owned Austagencies considered buying the business last year, although no acquisition resulted, while Pen Underwriting, a unit of Arthur J Gallagher, has also checked it out.

Sura, part of Austagencies, said in a letter this month that Sura Hospitality and Sura Commercial have entered an arrangement with Custodian to assist with renewal and new business requirements, effective from December 1 last year, with the arrangement ceasing on February 28.

Sura will continue to manage any claims from policies placed with it during the period.

Mr Hand says Custodian is looking at sourcing other security.