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QBE’s new broking arrangements ‘ensure underwriting strength’

QBE Australia Pacific says its deal with Sure Insurance and the agency’s new broker-focused brand Castle Insurance is aimed at strengthening its home offerings in the intermediated space.

Castle will offer new business to brokers via the Sunrise platform from October 1 as part of changes to QBE’s home insurance distribution strategy.

As reported in a Breaking News story today, the insurer will no longer offer domestic home insurance directly via its broker channel, starting in the December quarter.

Instead, it will partner with Sure to offer householders cover in regional Queensland and Norfolk Island by becoming a 20% underwriter of the Steadfast-owned agency’s portfolio for the two markets. Castle will cover the rest of Australia including southeast Queensland, 100% underwritten by QBE.

QBE says Sure is moving to offer all new business via Sunrise from October 1. Phased rollouts for Castle and Sure on other broking portals including the Steadfast Client Trading Platform will follow.

“This structure ensures continuity of underwriting strength while leveraging the operational agility and focus of the managed underwriting agency model,” QBE said today.

“QBE remains committed to working with its brokers and values the ongoing support of the broker network. This decision supports QBE’s ongoing efforts to invest where it can make a difference about the products it offers, the markets it serves, and the customers it supports.”