The broker says more granular property-level data could help insurers distinguish between homes that share the same floodplain but face very different levels of exposure.
The deal covers claims with an aggregate face value of about A$2.8bn (US$1.96bn) plus interest, leaving only White Oak's claims of about A$170m outstanding.
Former PROACT Australia co-founder Dave Stott will lead the rebranded business, bringing three decades of experience across underwriting, broking and international markets.