AUB Group agrees to buy Aon's One Underwriting Australia agency

AUB Group has agreed to acquire Aon's Australian underwriting agency, One Underwriting Australia, according to insuranceNEWS.com.au. Completion depends on regulatory approval and other conditions, Business Insurance reported, and neither outlet gives a price, a timetable or other financial terms.

One Underwriting places business for more than 250 brokers using capacity from global carriers and has traded in Australia for over 30 years. Its book is specialist, including complex property and liability and commercial drones; insuranceNEWS.com.au lists the full product range.

Denis Morrissey, who leads AUB's agencies business, called the agency "highly complementary" to the commercial products that brokers already reach through AUB's 360 Underwriting and Sura brands. Aon presented the sale as the result of a regular review of its portfolio.