AUB Group has struck an agreement to buy Aon’s One Underwriting Australia, strengthening its agencies offering.

Agencies CEO Denis Morrissey says the transaction brings an expanded suite of products, capacity partnerships and specialist offerings to AUB.

“One Underwriting’s business is highly complementary to the commercial offering that brokers enjoy today through the 360 Underwriting and Sura brands,” he told insuranceNEWS.com.au.

Aon says it regularly reviews its business portfolio to ensure alignment with strategic priorities and long-term growth objectives.

“Following that review, we believe One Underwriting will be best positioned for its next phase of growth under an owner focused on owning and growing underwriting agency businesses,” it said.

“One Underwriting has built a highly respected specialist underwriting business, and we are proud of the expertise, relationships and market reputation established by the team over many years.”

AUB and Aon say they will work together to support a smooth transition for customers, employees and other stakeholders. The deal is subject to regulatory approval and other completion conditions.

One Underwriting’s website says it services more than 250 brokers, has operated in Australia for more than 30 years and accesses capacity from global carriers.

Its products include niche motor such as classic vehicles, complex property and liability, hotels and pubs, mobile plant and equipment, brand and reputation insurance, commercial drone cover, fine arts and high-value assets, and personal accident and sickness.

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