Perth-based authorised representative group Westcourt has been sold to IAG.

The acquisition came into effect today, with Westcourt joining up with IAG’s National Adviser Services (NAS).

Westcourt founder and joint director Jeff Hollands says his company will continue for now to operate as an independent organisation. Westcourt and NAS are both members of the Steadfast network.

insuranceNEWS.com.au understands that Westcourt will eventually be integrated into the NAS operation.

Mr Hollands will remain with Westcourt as the National Manager Network Relationships “to ensure a smooth integration”.

However, his co-director, Tremayne West, who bought into the business in April last year, “has declined a position in the new company going forward to pursue other business opportunities”.

IAG CEO Australian Business Division, Ben Bessell says Westcourt is “a compelling strategic fit” for IAG.

“The AR segment is one of the most rapidly growing segments in the broader broker market, so it makes sense to look for ways to grow and enhance our existing offering.“

Mr Hollands says the acquisition is a significant opportunity for both companies, “and it provides an opportunity to combine the best of both businesses to create value for the respective AR networks”.

“The whole AR market is going through a lot of change, this move ensures that you are dealing with a large, strong and secure licensee.”

He says the combined business will leverage the size and scale of existing businesses and enhance ARs’ opportunities in many areas, including buying power, technology, training and development, insurer relationships, marketing and sales.

More details in Monday’s regular insuranceNEWS.com.au.