AUB Group-backed AB Phillips has paid an undisclosed amount to acquire fellow Victorian brokerage Fergusons Insurance Brokers.

“We know it’s a very well-run business,” AB Phillips MD Troy Mansell told insuranceNEWS.com.au. “We have a good relationship and we have been speaking to them for about 18 months.”

Being in the same AUB network ticks another box for AB Phillips.

“We understand the model and we have the same broking system,” Mr Mansell said. “We also knew the directors, so that attracted us to the business.”

AB Phillips is a national risk, insurance and financial services business.