Austbrokers Holdings has purchased a 50% shareholding in former Steadfast-member WRI Insurance Brokers.
The general insurance Parramatta broker, which specialises in motor dealer and trade industries, has a gross written premium of more than $20m. This deal will bring Austbrokers annual GWP to approximately $1.6bn.
The acquisition is effective from today (1 July) – days after Steadfast lodged an IPO prospectus – and requires WRI to cease being a Steadfast member.
WRI will continue to operate from its premises in Western Sydney where all of its current 18 staff will remain.
WRI founder and managing director Robert Moir will continue on as MD. He said he had been considering his future options for some time, choosing Austbrokers because of its owner-driver model and business partner culture.
“It just felt right,” he added. “I look forward in partnering with Austbrokers for the future benefit of my team, our clients and all stakeholders of WRI.
Austbrokers CEO and managing director of Mark Searles added that he was impressed with Moir and his team, which displayed “inherent traits that will fit in well with the Austbrokers family”.
“It now gives Austbrokers increased representation in Parramatta and the growing Western Sydney hub. We are confident that with our value adds, including our Austagencies offerings and Austbrokers proven profit generators, the entire team at WRI and their clients will benefit. We continue to seek the right acquisition opportunities for our business. To announce our partnership transaction with WRI at 1st July is certainly a nice start to the 2014 financial year.”
The deal brings Austbrokers tally of standalone partner businesses to 46, and closely follows the acquisition of InterRisk Australia last month.
