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The Canberra operation of Austbrokers has entered into a new management services agreement after its managing director was ousted amid allegations of misconduct.
Former regional MD Greg Johnston was removed from his role at Austbrokers Canberra in mid-October, after preliminary findings from an internal report pointed to foul play.
“Remedial action is being taken to address the misconduct, and the relevant authorities, regulators and the affected client have been notified,” AUB Group’s company secretary, Justin Coss, wrote in a statement at the time. “AUB Group and Austbrokers Canberra are fully co-operating with the authorities on this matter.”
On Friday, the firm announced it had reached an agreement with Austbrokers AEI Group, under which AEI will support the management of Austbrokers Canberra operations over the next 12 months.
Serving clients throughout Queensland, Victoria, South Australia and Western Australia, AEI is the sixth-largest broker in the Austbrokers network, managing in excess of $70 million GWP. Austbrokers Canberra formed part of the AEI business until 2007.
“The strong historic links between AEI and Austbrokers Canberra will enable quick and seamless cooperation between the two entities, and I know Tim Wedlock, MD of AEI, is very well placed to ensure our clients continue to receive market-leading risk management and advice,” said Nigel Thomas, divisional chief executive of Austbrokers. “I’m delighted to see the strength of the Austbrokers network – the access it brings to specialist expertise and capabilities – brought to bear to the benefit of our partners and clients alike.”
