AUB Group has announced a 50% acquisition of Queensland-based LEA Insurance Brokers, with the transaction expected to complete on May 1.

LEA, a founding Insurance Brokers Network Australia member, is based on the Gold Coast and in Brisbane, but has 4000 clients across Australia.

It has more than 25 employees, with a number of authorised representatives and a strong life insurance business.

Long-time shareholders and directors Eric Gardner and Colin Irvine will formally retire on May 1 but remain in a consulting capacity until at least April 30 next year. Troy Jennings, who has been with LEA for 17 years, will take over as MD from Mr Gardner.

AUB Divisional CEO National Partners and Group Acquisition Fabian Pasquini told insuranceNEWS.com.au LEA has the structure of a typical Austbrokers business.

“The culture is fantastic,” he said. “We were happy to provide a solution to the succession plan, and there is the added attraction of having a key person in the business take on the MD role.

“[Mr Gardner] is hungry to make his mark and grow the business further.”

Mr Pasquini says more acquisitions are on the cards, and AUB has a target list of businesses it wants to speak to.

“The market is changing a little bit,” he said. “During the soft market, principals have been focused on internal matters. But now their heads are starting to come up and they are able to consider other things.”

LEA will operate as a standalone partner business of AUB, which now has 51 businesses across its broking network.