Insurance Segment Accounting Operations Senior Analyst

Who owns Australia's underwriting agencies after a year of deals. AUB's purchase of Aon's One Underwriting is the latest in a run of deals putting more of Australia's specialist underwriting in fewer hands 23 Oct 2026 Aon's sale of One Underwriting Australia to AUB Group, which operates across Australia and New Zealand, is a modest deal on its own. One Underwriting has more than 30 years in the market and works with more than 250 brokers, writing lines from classic cars and pubs to commercial drones and fine art. Neither side disclosed a price and the sale still needs regulatory approval. Alongside this year's other deals, it points to a bigger shift. Underwriting agencies handle about a fifth of Australia's general insurance premium and their ownership is concentrating quickly. The buyers are increasingly groups that specialise in owning agencies. Sellers, buyers and a new map. Aon is the seller this time. It said the sale followed a regular review of its portfolio, and that One Underwriting would grow faster under an owner focused on agency businesses. The agency has belonged to Aon since it launched in January 2016, replacing the broker's earlier underwriting business, Freeman McMurrick. Steadfast's agencies are changing hands as well. Under the A$7.7 billion takeover of Steadfast by Amwins, Dragoneer and KKR, US wholesaler Amwins will take over Steadfast Underwriting Agencies once the scheme is implemented, which is targeted for December. That business wrote A$2.5 billion in premium in FY26 across 20 specialist agencies, according to Steadfast's results. AUB is the buyer. Its Australian agencies division writes about A$1.3 billion in premium across 39 specialist agencies, according to the group's website. One Underwriting will join it under Agencies CEO Denis Morrissey, the founder of 360 Underwriting Solutions, who told insuranceNEWS.com.au the business is "highly complementary" to AUB's existing commercial products. Together, Steadfast's agencies and AUB account for roughly a third of the premium written by Australia's 301 underwriting agencies. Those agencies wrote about A$10.8 billion in total, according to IB's Brokers on Underwriting Agencies report. The figures come from different sources and periods, so the share is approximate. Michael Brown, CEO of Encept in New Zealand, said the pattern was a familiar one from elsewhere in the distribution chain. "I think it's another sign of the value the market sees in specialist underwriting businesses," he said. "It's not that different from the consolidation we've seen among brokers: scale brings advantages, but the key is preserving the specialist focus and responsiveness that made these businesses successful." Why agencies are worth owning. For buyers, the attraction is margin. AUB's agencies division earned an EBIT margin of 43.7% in FY26, ahead of its Australian broking business, and the group has set a 47% target for the division. Underlying pre-tax profit rose 8.4% to A$78.0 million, held back by weakness in strata, according to AUB's FY26 results. Adding commercial specialty lines such as One Underwriting's is one way to lift that margin without relying on strata. The ownership list was already long. Jaydon Burke-Douglas, CEO of Antipodean Underwriting in Australia, pointed to Howden's ownership of DUAL, Steadfast's of ProRisk, the Envest Group's of London Australia Underwriting and AUB's 70% equity stake in Pacific Indemnity Underwriting Solutions. He said the Australian underwriting agencies market had grown more than 470% since the 2014-15 financial year, making it the fastest growing sector of the insurance market and that a race to own successful businesses was no shock. "I can understand why established underwriting agencies are attractive to larger groups," he said. "They bring specialist underwriting expertise, established broker relationships and access to niche markets that can be difficult to replicate." Insurers and wholesalers have their own reasons to buy rather than build. Jamie Richards, head of M&A at Ripe, told Insurance Business last week that in specialty lines it is easier to buy an agency with some scale and maturity than to grow one in-house. A new portfolio has no data to give it an underwriting edge, and a renewal book cannot be built overnight. Brokers, meanwhile, are relying on agencies more. In IB's latest Brokers on Underwriting Agencies survey, 59.7% of brokers said agencies underwrite more than 30% of their book, up from 46.8% a year earlier. Nearly all said they would keep placing business with agencies even in a softer market. The more of a broker's book an agency holds, the more its ownership matters to that broker. What brokers should watch. For the brokers who place with One Underwriting, the immediate questions are practical: whether its capacity arrangements, underwriting team and brand stay as they are. So far AUB and Aon have said only that they will work together on a smooth transition for customers, staff and other stakeholders. There is a competitive question too. AUB holds equity in 45 partner brokers. Brokers outside that network who placed with an Aon-owned agency will now be placing with one owned by a rival broking group. Steadfast's agencies are heading the other way, from a broker network to a wholesaler. Burke-Douglas said scale could deliver real benefits through investment in technology, operational efficiency and product development, but that the test was whether those benefits reached brokers and their clients. "Consolidation can create stronger businesses, lower overheads and economies of scale, but bigger doesn't automatically mean better," he said. "Ultimately, brokers want competitive products, fast decisions, consistency and people who understand their clients' businesses." Consolidation can also create choice. Richards said experienced underwriters often leave agencies once they are absorbed into larger groups and start new ones, many of which are bought in turn. He described consolidation and new MGA formation as two halves of the same cycle. Some owners are opting out of the roll-up model altogether. Brisbane's High Street Underwriting Agency now sits under a new parent, 11th Avenue, which takes minority or strategic stakes in agencies and leaves underwriting decisions with each brand. Founder Alan Whittle said the group had no wish to fold agencies into something "bigger, more corporate, or less approachable". "The more the market consolidates, the stronger the case for a place in the market for independent underwriting agencies that can combine specialist expertise with modern technology and a genuinely broker-focused approach," Burke-Douglas said. Antipodean is 100% Australian owned and independent, with a shareholder register made up of employees, managers and retail investors. Burke-Douglas said he wished those consolidating well, but wanted brokers to know independent alternatives were available. Questions to ask an agency after a change of owner * Will the same underwriters keep the same authority on referrals and claims? * Are the current capacity providers and binders staying, and for how long? * Will commission terms, wordings or appetite change at the next renewal? * Does the new owner also compete for the broker's clients, and how is client information kept separate? Shielded Pty'll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Siris Capital launches October Capital. Siris Capital has launched October Capital, a new private equity firm focused on technology-enabled services, with the completed acquisition of Takkion and pending acquisitions of EQ Retirement Solutions and Lenvi. October Capital will be led by Frank Baker, who co-founded Siris in 2011 and will serve as CEO and managing partner of the new firm. The launch follows Siris' deployment of more than $9.5 billion in equity capital over the past 15 years, including more than $3 billion in services businesses. October Capital will focus on companies that help enterprises implement, integrate and operate emerging technologies, targeting three investment themes: AI infrastructure, physical security modernization and financial infrastructure transformation. The firm launches with a 16-person investment team and three initial platform investments. Takkion provides services to the energy industry and is positioned to benefit from increased power demand associated with AI data center expansion. KKR Acquires HOERBIGER's Explosion Protection and Static Control Businesses The acquisition will expand KKR's industrial portfolio with businesses focused on preventing and mitigating workplace explosion risks. To read the entire story, you must be logged in. Amulet Capital-Backed TFP Fertility Group Purchases Manchester Fertility Group Manchester Fertility Group operates a fertility clinic and laboratory in Cheadle, Greater Manchester. To read the entire story, you must be logged in. New Harbor-Backed LGM Pharma Buys Sannova Analytical Sannova Analytical is a New Jersey-based contract research laboratory. To read the entire story, you must be logged in. Goldman Sachs Alternatives Acquires Majority Stake in Celnor Group from Inflexion Celnor Group is a testing, inspection, certification and compliance (TICC) platform. To read the entire story, you must be logged in.

'IPOs are not the only vehicle': KKR heads for record exits even as firms stay private for longer. Control deals and infrastructure investments in South-east Asia have grown, says the firm's Henry McVey Published Tue, Oct 20, 2026 · 07:00 AM * In Asia, KKR has larger portfolio allocations in Japan and India relative to other markets, though allocation trends shift every few years. PHOTO: REUTERS [SINGAPORE] Global investment firm KKR is on track for a record year of exits, even as more companies stay private for longer and initial public offerings remain just one avenue for returning capital to investors. Sales to strategic partners and industry consolidation are alternative exit routes, said Henry McVey, partner, head of global macro and asset allocation and chief investment officer of KKR's balance sheet. "IPOs are one vehicle for recycling capital, but they are not the only vehicle," he told The Business Times on the sidelines of KKR's 50th anniversary event on Sep 30 at the Capitol Theatre. The shift comes as companies, particularly those in the artificial intelligence sector, increasingly choose to remain private rather than list. He contrasted this with the 1990s, when companies often went public at an earlier stage of development, sometimes prematurely. "There are more private companies now than public companies, and you are not penalised with a valuation discount by staying private. Therefore, I do not view a slower IPO market as a negative indicator." The Business Times turns 50. Five decades of milestones and moments that shaped Singapore's success story - told through our headlines. Explore BT50" Nevertheless, McVey acknowledged that public markets still offer vital liquidity and enable global allocators to build substantial positions through major exchanges. Private markets in Asia. In Asia, KKR has larger portfolio allocations in Japan and India relative to other markets, although McVey emphasised that these allocation trends shift every few years. In the past, allocators favoured country-specific funds, particularly in China, where recent exits have been lacklustre, he noted. He added that while the firm's past focus in China centred on consumption themes, the Chinese economy is now experiencing slowing growth and disinflationary pressures. McVey said that global allocators today prefer pan-Asian exposure and have actively re-engaged with the region over the past three to four years. He highlighted Japan as "ground zero" for corporate governance reforms, noting that the country is building on momentum from the Abenomics era as large conglomerates are becoming increasingly open to structural change. For instance, some are spinning off non-core businesses and turning to private equity buyouts to improve profitability. "We have done deals with Panasonic, Pioneer, Hitachi, lots of different firms," McVey said, adding that there is now more acceptance of private equity involvement in corporate restructuring. South Korea is similarly gaining momentum with its own corporate reforms to unlock market value; McVey noted that 70 per cent of the Kospi is trading below book value. India's market landscape has also evolved significantly, he said. In the past, the focus was primarily on backing local challengers to global brands such as Starbucks. Today, investors can secure control deals - acquiring a majority stake to gain direct operational and strategic authority over a business - and partner with leading Indian franchises seeking foreign capital. He cited KKR's partnership with Reliance Industries as an example. Meanwhile, in South-east Asia, control deals and infrastructure investments have grown noticeably compared with previous years, he said. A changing economic playbook. McVey highlighted that investors will need to adapt to an economic landscape that is behaving quite differently from the 1990s and 2000s. "The economic playbook that worked for the past few decades was built on globalisation, where American consumers take on debt to buy goods produced in Asia," he noted. "Right now, what you're seeing is a very different investment regime, there is much more capital expenditures going into AI, national security, and supply chain reconfiguration." Furthermore, intra-Asian trade has expanded significantly, driving distinct economic outcomes. McVey attributed the global economic resilience to a productivity boom that originated in the US before expanding to Europe and Asia, alongside growth in sectors less sensitive to industrial cycles or energy costs. Singapore's role in private markets. Turning to Singapore, he highlighted efforts to strengthen its capital markets, attract alternative asset managers and establish the city-state as a primary destination for foreign capital. "A major area of focus (for Singapore) right now should be broadening and deepening capital markets," he said. This comes as a more developed capital market ecosystem would give businesses greater access to financing while strengthening Singapore's appeal to global investors. "Establishing Singapore as a hub not only for general business but specifically for financial services will be enormously beneficial," McVey added. "If Singapore takes a front-footed approach to enabling capital markets to blossom, it will yield better outcomes for businesses and the wider economy."