Community Broker Network (CBN), has announced the investment of a controlling stake in the ARMA Group of Businesses. ARMA comprises of insurance brokerages located across NSW and Queensland.
The CBN media release also announced that Amanda Morris (pictured above) has accepted a new role as ARMA CEO.
“CBN’s purpose is to empower our ARs [authorised representatives] so they can deliver superior insurance outcomes for their clients,” said CBN’s CEO Richard Crawford. “With the investment in the ARMA group of businesses, I am proud to advise that Amanda Morris has accepted the role of CEO of ARMA Group.”
CBN, which describes itself as Australia’s largest AR network, referred to the ARMA brand as “already successfully established” individual businesses.
The release said CBN and the ARMA principals will jointly own ARMA Group with its five separate businesses coming together as one company. CBN has the majority stake.
Morris said the new arrangement satisfies a “yearning for growth.”
“To do that we need support and backing and we have decided to partner with CBN going forward,” she said. “So we have brought CBN in with us as a major shareholder in all of our branches with the support of Steadfast.”
CBN, according to the release, generates $1 billion in gross written premium annually. The organisation is part of the Steadfast Group, the largest broker network in Australasia.
