Action Insurance Brokers Group (AIBG) has acquired the client book of Harrison Read Insurance Brokers.

The acquisition, AIBG’s sixth in the past decade, adds 7% to the group’s annual sales. Harrison Read is based in the western suburbs of Sydney, where AIGB has most of its offices.

AIBG has acquired the company’s client list and ongoing servicing rights, but principals Joanne and John Read and Craig Harrison will continue to operate the business as a corporate authorised representative.

The acquisition is part of the group’s growth strategy, AIBG MD Jon Stack told insuranceNEWS.com.au.

“We have acquired small brokerages in the past to help with growth,” he said. “Acquisitions have insulated us from the effects of a slowing economy.”

Mr Stack says AIBG is open to further acquisitions, “as long as they fit with our business model and culture”.

He says it is a good time to be in the market for opportunities because “there are a lot of older licensees wanting to exit the business”.

With this latest acquisition AIBG has annual gross written premium of $44 million. The group has 42 employees and offices in Bella Vista, Penrith, Paramatta and Robina on Queensland’s Gold Coast.

Action is a member of the Steadfast broker network.

In March, AIBG’s Action Entertainment Insurance, a half-owner of Newcastle-based Arena Underwriting, acquired the other 50% from its joint venture partner Calliden.