QBE will replace AIG as the insurer of Mansions Executive Insurance product. Credit: florianschubert from Pixabay.

Mansions of Australia has acquired AIG Australia’s home and contents insurance portfolio for high-net-worth (HNW) and ultra-high net worth individuals (UHNWI).

The financial value of the deal was not disclosed.

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Mansions, a wholly-owned subsidiary of Steadfast Underwriting Agency, expects the deal to enhance the depth and scale of its capabilities in the HNW/UHNWI sector.

Under the agreement, AIG will be replaced by QBE as the insurer of Mansions Executive Insurance product from 5 October 2021.

Additionally, David McMurdo will join Steadfast Underwriting Agencies as the chief underwriting officer of personal lines from 6 September 2021 along with three other staff members from AIG who will join the Mansions team.

McMurdo, who headed AIG Australia’s private client group, has over 18 years of experience. He will be responsible for expanding Steadfast Underwriting Agencies’s personal lines footprint and driving growth.

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Steadfast Underwriting Agencies CEO Simon Lightbod said: “We are thrilled to have David join Steadfast Underwriting Agencies to lead our personal lines business.

“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.”

QBE chief customer officer of commercial lines Jason Clarke 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.”

Earlier this month, Steadfast agreed to acquire Coverforce, a privately owned insurance broker, for approximately $302.04 (A$411.5m).