20 Aug, 2021
Mansions acquires AIG Australia Limited’s high net worth home and contents insurance portfolio
Mansions of Australia (Mansions) today announced it has purchased the exclusive renewal rights to AIG Australia Limited’s (AIG) home and contents insurance portfolio developed for high net worth (HNW) and ultra-high net worth individuals (UHNWI) across Australia. Terms of the transaction were not disclosed.
The acquisition will transform the depth and scale of Mansions to further enhance its presence in the HNW sector, while reinforcing its focus on delivering sophisticated insurance solutions to families and individuals.
As part of the acquisition, QBE will replace AIG as the insurer of our existing Mansions Executive Insurance product from 5 October 2021.
As part of the strategic move, David McMurdo will be appointed as Chief Underwriting Officer of Personal Lines for Steadfast Underwriting Agencies from 6 September, and three other staff members from AIG will join the Mansions team.
David has worked in the insurance industry for over 18 years and was recently the Head of AIG Australia’s Private Client Group. He started his career in general insurance broking in Melbourne before moving to the UK where he transitioned to underwriting in the HNW segment for Allianz and Zurich. Since returning to Australia in 2011, David joined AIG where he has undertaken various leadership roles and most recently led the HNW portfolio in Australia.
In his new role, David will be responsible for growing the Steadfast Underwriting Agencies’ personal lines footprint nationwide and driving strategies to continue to innovate and meet the needs of brokers and their clients.
Simon Lightbody, CEO of Steadfast Underwriting Agencies said: “We are thrilled to have David join Steadfast Underwriting Agencies to lead our personal lines business.
“David is a highly accomplished professional whose career has spanned the management of products, underwriting, and sales teams. His experience and skills will be a tremendous asset to our company as we continue to scale our business with brokers.
“We’re also delighted to have acquired AIG Australia’s High Net Worth portfolio with QBE as our new capacity provider, which we believe will create strong synergies, enabling better client outcomes as well as future growth opportunities. The potential in the UHNWI segment is significant and this acquisition will further bolster our position as a leading provider of prestige home and contents insurance for UHNWI”.
Jason Clarke, Chief Customer Officer of Commercial Lines, QBE said: “We’re very proud of our long-term relationship with Steadfast and are pleased to be providing capacity for Mansions Executive Insurance product from 5 October as it looks to strengthen its presence in the high net worth sector”.
Commenting on the acquisition, David McMurdo, Chief Underwriting Officer of Personal Lines, Steadfast Underwriting Agencies said: “Mansions have a rich history in the Australian broking market of providing High Net Worth insurance, and I am excited to lead the business into the next stage of its strategic development.
“Our new solution is forward thinking and flexible, coupled with the appropriate risk mitigation tools to protect and enhance the assets, and lifestyles of clients so they can pursue their passions with confidence”.
The Mansions Executive Insurance offering is available through the Australian broking market from 5 October 2021.