In news that has made quite a stir in the Australian insurance industry as well as broader financial media, Insurance Australia Group (IAG) has recently announced its acquisition of Westcourt General Insurance Brokers (WGIB), a national business that manages a network of Authorised Representative (AR) brokers.
IAG acquires Westcourt General Insurance Brokers
The Westcourt business will be gradually integrated into IAG’s existing AR business, National Adviser Services (NAS), making the combined unit the number one in the market, with WGIB to bring in the metropolitan presence to a more rural-focussed NAS.
IAG Chief Executive Australian Business Division, Ben Bessell said WGIB is a compelling strategic fit for IAG. “The AR segment is one of the most rapidly growing segments in the broader broker market so it makes sense to look for ways to grow and enhance our existing offering. It’s also an opportunity for IAG to integrate two very successful and complementary businesses and provide a compelling value proposition to the AR networks and customers who value advice.”
WGIB Director and co-owner, Jeff Hollands will continue to lead WGIB, while Director and Co-owner Tremayne West has declined the opportunity to participate in the new company and has decided to leave the business to pursue other business opportunities.