Acquisitions amps up network’s WA reach

Acquisition

A broker network has notched up a major milestone with its latest acquisition, as well as giving itself a much stronger foothold in Western Australia.

Austbrokers announced this morning it had acquired a half-share of Bunbury-based broker Nexus Risk Services, one of the largest general brokers in the state. The acquisition takes Austbrokers’ stable of brokerages to 50.

Nexus Managing Director Mark Patterson will remain in control of strategic direction and day-to-day management.

“As a longstanding IBNA member, important synergies with Austbrokers already exist so we expect a smooth transition process,” he says.

Austbrokers Chief Distribution Officer Fabian Pasquini says Nexus is one of the best brokers in the business.

“Their outstanding leadership, operating model and portfolio diversity have remarkable synergies with our existing Austbrokers network,” he says.

“We look forward to helping Nexus grow and become even more successful over the coming years.”

Meanwhile, Austbrokers’ underwriting arm Austagencies has acquired a 75% stake in Asia Mideast Insurance and Reinsurance (AMIR), a niche offshore energy underwriting agency, as part of a strategy to expand the group’s product offering and diversify its revenue base.

Austagencies Managing Director Craig Patterson says AMIR is a one of a kind.

“They offered important synergies as a long-standing business with a strong reputation and superb underwriting performance with the same Lloyds security,” he says.

“The AMIR acquisition is significant as it opens up a global market platform with strong capability in offshore energy risks, as well as cover for energy-related construction, and associated activity.”