InterRISK has staked out its ambitions in Queensland, buying specialists Atlas Insurance Brokers for an undisclosed sum.
The firm, under the direction of Founder John Carter and Jack Weston, specialises in the mining, transport, construction and engineering sectors, and will continue to trade under the Atlas brand, but with extra support from InterRISK.
Dennis Guy, Chairman of InterRISK Australia, says: “There are natural synergies between the two businesses and we are looking to expand our geographic presence in Queensland, having successfully established ourselves in the Brisbane market.
“This acquisition will enable us to leverage the strengths of both businesses and deliver significant benefits to Atlas’ clients including unparalleled access to insurance markets worldwide.”
The two firms have worked together closely over the last two years and Carter says: “InterRISK adds significant strategic support and services to Atlas, which will benefit our customers in the longer term. I look forward to the next phase of Atlas’ development in the North Queensland region.”
Meanwhile, Calliden have sold their 50% holding in Arena Underwriting to Action Entertainment Insurance for a $500,000 profit.
Begun as a joint venture between Calliden and Action Entertainment five years ago, Arena specialises in event, entertainment and security cover and has grown its to a total premium base of $3 million a year.
Nick Kirk, Calliden’s Managing Director, says there will be more joint business ventures in the near future.
“Our relationship with Arena continues through our agency agreement and we look forward to this continuing for many years to come,” he says.
“Creating new businesses and then selling our interest is a key part of our business model. We remain committed to developing new joint ventures with the next one planned for launch in the coming months.”