Australian underwriting agency 360 Underwriting Solutions has acquired a majority equity stake in TLC Insurance New Zealand, signifying its foray into the neighbouring market.
TLC is a boutique underwriting agency that specializes in the forestry, mobile plant and heavy machinery sectors.
According to a statement by 360, this is its first significant announcement since its partnership with AUB Group in December 2020. This acquisition also provides a platform for 360 to expand its footprint in the New Zealand market.
“The acquisition of TLC not only announces our move into the New Zealand market but also enhances our capability in the mobile plant and equipment segment,” said Dean Morrissey, co-founder of 360 Underwriting Solutions. “It also provides us with the foundation to build on the suite of products that TLC offers to increase our relevance to our broker partners in New Zealand by ultimately offering more product and more solutions.”
360 expects to announce additional products and partnerships in the coming weeks.
“As we near the fourth anniversary of the creation of 360, the move into New Zealand was a natural progression for our ever-expanding network,” added Chris Lynch, another co-founder of 360. “It will enable TLC to become even stronger and more dominant in their chosen niche market while it will allow 360 to offer other relevant and bespoke underwriting options that will complement TLC’s existing products and maximise coverage for their clients.”