ACE Group has announced that they will become the underwriter of a major Australian product line.

The international giant has revealed that it will back Calliden’s residential products across the country from November 1.

The deal will see ACE take on the Calliden Home portfolio, which will continue to be distributed under the Calliden Home brand.

ACE country president for Australia & New Zealand, John French, said that the deal will help bring his company and Steadfast, who own Calliden, closer together in a mutually beneficial partnership.

“We are continuing to develop and grow our business with Steadfast, across a range of different product lines and distribution channels,” French said in a statement.

"Underwriting Calliden Home brings growth opportunities and is in keeping with our strategy of diversification.”

Chief executive officer of Steadfast Underwriting Agencies, Simon Lightbody, backed the deal for its potential for brokers and believes the support of an international player like ACE will help build the brand.

“We are extremely pleased to extend our partnership with ACE in this new deal. It is another example of how we support our broker partners,” Lightbody said.

“ACE is a recognised insurer in this market with strong financial credentials. We will work closely together with ACE leveraging its underwriting capabilities to ensure the continued growth and enhancement of our home and contents products.”