AUB subsidiary Austagencies has been cleared to buy an additional 20% stake in Sura Technology Risks without having to notify the Australian Competition and Consumer Commission.

Merger rules introduced in January require businesses to notify the competition watchdog of deals that meet specified thresholds.

The regime provides a notification waiver process for deals to go ahead quickly if they do not raise material risks to competition or consumers, even if they meet the thresholds.

The ACCC says it approved AUB’s application for a notification waiver because the transaction is “unlikely to give rise to any material lessening of competition, as it is unlikely to result in any substantive change in the control of Sura Technology.

“In these circumstances, the ACCC does not consider it necessary to reach a concluded view on the likelihood of the notification thresholds being met.”

Austagencies will hold 70% of Sura Technology under the proposal to buy the 20% stake from D J & S Underwood. The other 30% will be retained by two minority shareholders.

Sura Technology is an Australian underwriting agency that offers specialty insurance products designed for technology businesses.