Major surety bond insurer transfers corporate property portfolio

A leading Australian surety bond insurer has entered into an agreement with a major underwriter to transfer its corporate property portfolio.

Assetinsure has entered into the agreement with Pen Underwriting, effective immediately, and brokers are being reassured that they can expect a smooth transition.

Assetinsure says it enters into this arrangement with full confidence that its clients will benefit from Pen Underwriting’s proven record of service and the financial security of its business partners.  

“Assetinsure will continue to service current policies and manage claims under all past and current policies,” the company’s statement said.

“Assetinsure extends its sincere appreciation to Neil Dempsey for the long and dedicated service with the company and wishes him every success in his future career.  “

“The arrangement allows for an orderly transition of the business in line with Assetinsure’s revised business appetite and meets the needs of all stakeholders.”

The company will cease writing new corporate property business, while existing policies will run to their natural expiry dates, at which time Pen Underwriting will invite renewal in accordance with their underwriting guidelines.  

To make the transition smoother for brokers and their customers, Assetinsure’s National Manager of Corporate Property Neil Dempsey has joined Pen Underwriting as Senior Underwriter to ensure continuity of service.