Insurance House Group has merged with NSW-based Apex Insurance, taking the combined group’s premium income to more than $150 million.

The merger will provide significant economies of scale, Insurance House MD Wayne Hildebrand told insuranceNEWS.com.au.

He says it is one of the first mergers for the group, which is better known for acquisitions.

Apex founders Daniel Johnson and Darren Hutton will gain shares in Insurance House and join the group – Mr Johnson as Manager of NSW Operations and Mr Hutton as Regional Manager NSW.

Both companies are members of cluster group IBNA, and Mr Johnson says the “collegiate atmosphere” this promotes and the cultural fit between the two groups were major factors in the merger.

“The level of trust was significantly higher; we all knew each other from the various functions and training,” he told insuranceNEWS.com.au.

Apex was formed when Mr Johnson and Mr Hutton merged their businesses more than four years ago. Mr Johnson says they have always recognised that adding scale will provide access to more resources and markets.

“London will talk to us, but they will talk to Insurance House a lot more actively,” he said in a YouTube video the two companies recorded to announce the merger.

“Our clients will benefit from greater capability and resources and the staff will benefit from career opportunities and training.”

Apex writes NSW WorkCover, an area Victoria-based Insurance House has been keen to enter.

The combined business will have 120 staff and 15 offices in Victoria, NSW and Queensland.