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Documents filed in the Queensland Supreme Court reveal a deal that has resulted in litigation over the interpretation of a clause in the contract under which SRS was sold. The OAMPS acquisition resulted in a profound shift in the formerly positive relationship SRS enjoyed with major international brokers in the local market.
Sources have told insuranceNEWS. With them went a major slice of the SRS business. Key members of his former SRS operation also left Gallagher over the following year. Having completed his non-compete agreement with Gallagher, Mr Lynam has now joined the Sydney-based Epsilon underwriting agency as Chairman.
No date has yet been set for a hearing, and a spokesman told insuranceNEWS. Mr Lynam, who was the principal SRS shareholder, declined to discuss the history or technical details of the case when contacted last week by insuranceNEWS.
The earnout agreement covered the period from January 1 to December 31 While general commissions are usually paid at the end of each reporting period, profit commissions are paid in a range from three years after the first premium is paid to as much as seven years after the last premium is paid.
The court documents show that under the purchase agreement the parties agreed to a complex formula based on earnings before interest, tax, depreciation and amortisation EBITDAas well as profit commissions forand Gallagher calculated the amount to be paid as the earnout was zero.
The plaintiffs maintain the earnout amount calculated from EBITDA and profit commissions cannot be set off against each other. They say the formula used by Gallagher was never discussed during the share sale agreement negotiations, with the focus instead being on whether to use calendar or financial years in the calculation.
Alternatively, they are seeking damages for breach of the sale agreement, plus interest.After Starting my insurance career at Triton Underwriting Agency, I moved to SRS Underwriting Agency where I stayed for 2 years. I then took time off for travelling overseas and since then have been engaged at various underwriting roles at Calliden Group Limited and JUA Underwriting Agency before coming over to Coversure Underwriting since Mad Butcher Limited was incorporated on 22 January (Tuesday) and as of 27 June (Monday) is a Registered NZ Limited Company.
SRS UNDERWRITING AGENCY PTY LTD. GENERATE INVESTMENT MANAGEMENT LIMITED. AGWORLD PTY LTD. ADD LUCID PTY LTD. CLARK BARDSLEY DESIGN LIMITED. Underwriting in Melbourne Cbd / VIC Melbourne Area - Insurance Fire - Marine - Accident and General - address: 15 Queen St - () Melbourne Cbd VIC Melbourne Area - phone: (03) , Underwriting in Melbourne Cbd / VIC Melbourne Area Chu Underwriting Agencies Pty Ltd - Melbourne Cbd VIC Southern Cross Underwriting Pty Ltd.
Srs Underwriting Agency Pty Ltd (Perth, Western Australia) Aug 13, Recommendations: 0 / 0. Reply.
Reply to the previous comment. I agree to the Conditions for adding comments. Probable localization of the phone number: Perth. Is the forum moderated?
The discussion on phone numbers is partly moderated. The forum gets thousands of new posts. SRS UNDERWRITING AGENCY Level 6, 10 Spring St Sydney (0) Insurance--Fire, Marine, Accident & General Sydney Film Insurance Underwriting Agencies Pty Ltd PO Box North Sydney (0) Insurance--Fire, Marine, Accident & General North Sydney.
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