Austbrokers has substantially boosted its capabilities in the workers comp arena, after buying a 50% stake in a sector specialist.
The broker network announced today it has acquired a half-share in Procare Group, which provides integrated insurance and risk solutions, injury management, training, recruitment and placement of staff, investigations, claims and risk management.
Austbrokers was highly active in acquisitions last year and came into this year with a $25 million war chest for further acquisitions.
CEO and Managing Director Mark Searles says: “2013 was an intensive period of acquisitions, investment in start ups, and general bolt-ons, in both our broking and underwriting agency operations. We have been integrating these businesses and planning our next phase of growth which includes the Procare acquisition.”
Since its establishment in 1998, Procare has grown to employ more than 120 staff. Managing Director Mark Colgan says a key reason for their decision to join Austbrokers was their shared focus on growth.
“The Procare Group has built a solid client base and we are confident and committed to leveraging the business for its next phase of growth and success,” he says.
“Austbrokers’ owner-driver model provides us with the ability to access valuable corporate resources such as their centralised data centre whilst ensuring the essence of our daily operations remains unchanged.
Austbrokers General Manager Acquisitions and Mergers Fabian Pasquini says the Procare gives the network a unique insurance and support services offering.