Underwriting Agencies of Australia (UAA) has entered into a new 10-year underwriting agreement with QBE Insurance, securing long-term capacity support for its operations in Australia and New Zealand.
The deal also covers its wholly owned subsidiary, Underwriting Agencies of New Zealand Ltd (UANZ).
Specialised mobile plant and equipment insurance
The agreement continues a longstanding partnership between UAA and QBE and reaffirms their shared focus on delivering specialised insurance products in the mobile plant and equipment segment.
UAA, part of the Steadfast Group, provides coverage for machinery and equipment used across construction, mining, and related industries. In 2024, UAA was among Insurance Business’s list of top underwriting agencies of Australia.
The company said the renewal would support its ability to offer tailored underwriting services in response to evolving client needs.
Stan Alexandropoulos, UAA group CEO, said the agreement marks a strategic step in the company’s long-term growth.
“Our relationship with QBE has been instrumental in maintaining our position as an industry leader, and we are eager to continue working together to provide innovative and tailored underwriting solutions over the next decade,” he said.
QBE Australia Pacific CEO Sue Houghton said the insurer remains committed to collaborative growth with UAA.
“QBE is pleased to continue working collaboratively with UAA. This agreement reflects our shared dedication to providing innovative insurance solutions to the Australian and New Zealand market,” she said.
Robert Kelly AM, CEO and managing director of Steadfast Group, said the renewed arrangement ensures ongoing access for brokers.
“UAA’s renewed relationship with QBE further cements its role as a key player in the underwriting space and ensures brokers and clients can continue to access mobile plant insurance products,” he said.
The agreement coincides with significant trends in construction insurance. According to WTW’s Q1 2024 Global Construction Rate Trend Report, shifts in construction activity – including growth in data centre developments – are impacting insurer risk assessments.
These developments are largely driven by digital infrastructure expansion and the rising influence of artificial intelligence.
Ongoing labour shortages have complicated the outlook. In North America alone, the construction sector is facing an estimated shortfall of half a million workers. Similar workforce pressures are being reported across Europe, Asia, and Latin America, prompting concerns about project delays and quality assurance.
In Australia, residential construction is expected to lead sector growth, supported by housing affordability policies. However, material price inflation and supply chain challenges continue to affect build timelines and insurance valuations.
