ProRisk has acquired specialist property and liability agency Xenon Underwriting, creating a combined business with gross written premium of more than $100 million.

Chairman Noel MacCarthy says the merger unites two respected agencies with shared values and complementary strengths.

“ProRisk brings innovation, a multi-class footprint and an award-winning claims platform. Xenon adds deep property expertise and a service-led, agile approach,” he said.

The combined business will have 50 staff in four offices, serving brokers 26 insurance products across property, liability, financial lines, cyber, motor and consumer covers.

Brisbane-based Xenon will continue to be led by Peter Stone, who founded the agency in 2018 and has more than 30 years’ experience in the general insurance market.

“In ProRisk, we’ve found a partner who respects, admires what we have built and will invest in our continued expansion,” Mr Stone said.

“Partnering with ProRisk, we’ll be able to leverage on their distribution reach and access their investment in technology and marketing.”

ProRisk, which has offices in Melbourne, Sydney and Brisbane, is backed by long-term relationships with carriers including Swiss Re Corporate Solutions and Lloyd’s.

MD Hamish McDonald Nye says under Mr Stone’s leadership, Xenon has emerged as one of Australia’s leading property-focused underwriting agencies and developed a reputation for outstanding service in a short period of time.

“He leads an outstanding team of both highly experienced and talented emerging underwriters,” Mr McDonald Nye said.

“The combined underwriting group, which also includes the Armada Underwriting brand, creates a breadth of solutions to the market.”