Professional Risk Underwriting (ProRisk) has announced its acquisition of Brisbane headquartered Xenon Underwriting, a property focused agency. A ProRisk media release said the deal will result in a combined business of 50 staff in four offices across Australia with a gross written premium (GWP) of more than $100 million.
“The combined underwriting group, which also includes the Armada Underwriting brand, creates a breadth of solutions to the market,” said ProRisk’s managing director, Hamish McDonald Nye (main picture).
The release said the firm now offers 26 insurance products including across property, financial lines, cyber and motor.
Peter Stone will continue to lead the Xenon business as executive director, said the announcement, focusing on the property portfolio, broker relationship and product evolution.
Stone said selling the business to ProRisk will enable the leveraging of that firm’s distribution reach, investment in technology and marketing.
“ProRisk brings innovation, a multi-class footprint and an award-winning claims platform,” said ProRisk’s chair, Noel MacCarthy. “Xenon adds deep property expertise and a service-led, agile approach.”
McCarthy also referred to an “aligning of cultures” to provide brokers with “a broader, smarter suite of risk solutions.”
