Network Insurance Group and Insurance House are to merge with Andrew Broughton as CEO of the combined business.

Parent Steadfast Group announced the integration of two of its largest brokerages today, and Network Insurance Group CEO Mr Broughton sent a detailed email to all staff.

Insurance House CEO Scott Leis will remain with Steadfast until June 30 and work with Mr Broughton and his expanded team on the integration.

The two businesses combined have about 60,000 clients and record $800 million gross written premium and $100 million revenue a year.

The merger aims to strengthen market position, enhance competitiveness, expand product offerings and create synergies. The business says a rebranding will take place “to better align with its evolving vision”, with further details to come. 

Steadfast MD and CEO Robert Kelly says it is “the perfect union”.  

“It’s an exciting opportunity to bring together two exceptional businesses with complementary strengths,” he said.

“I have full confidence in Andrew’s ability to lead the combined organisation with commitment and the leadership needed to drive continued growth and success.”  

Mr Kelly thanked Mr Leis for his “exceptional leadership” of Insurance House and his “vision and dedication to the role”.

Mr Leis’ direct reports will work under Mr Broughton, and Craig Smith is CFO.

“I am honoured to have been appointed CEO of the combined entity and excited to lead the organisation into this new chapter,” Mr Broughton said.

“I am committed to building on the strong foundations ... to create a successful and thriving future.”

Mr Broughton also expressed “sincere gratitude” to Mr Leis for his “invaluable contribution to the success of Insurance House to date”.

“As we combine the tremendous strengths and expertise of both businesses, we will create a rewarding culture that leverages the best of our current practices and create a more robust and sustainable organisation,” Mr Broughton said.

Mr Leis says the merger paves the way for a “more diversified, resilient and innovative organisation”.

In consultation with Steadfast, a dedicated group has been created to oversee the integration, which is expected to end by July.  

Insurance House was founded in 1983. Its website says the team relocated from East Melbourne to the city’s La Trobe Street in November, in “an exciting new chapter”.

Network Insurance Group's Melbourne broking team will move to the La Trobe Street premises next month.