SRG Group, a WA brokerage half-owned by AUB’s Austbrokers, has acquired corporate insurance broking specialist Gibbscorp.

While the price remains confidential, SRG MD Rod Fitzgerald told insuranceNEWS.com.au the acquisition is expected to increase his company’s gross written premium by about $20 million.

He says the addition of Gibbscorp, which is also based in the state, will transform SRG into a significant player in insurance broking.

The combined group will have approximately 50 staff in WA and Queensland with more than 4000 clients including specialty, SME and corporate customers.

“It really enhances our position in the mid-market, and corporate clients segment,” Mr Fitzgerald told insuranceNEWS.com.au. “While Gibbscorp is smaller than SRG, it’s got a lot of mid-market and corporate client focus.”

He says the two businesses will take on a “dual branded strategy for some time” and that clients can expect a more enhanced experience going forward.

“Gibbscorp brings a quality of people and skills that we were seeking to complement our team, while SRG provides additional services and resources that Gibbscorp was seeking to enhance its client service offering,” Mr Fitzgerald said.

Gibbscorp will relocate from its office in the Perth suburb of Como to SRG’s CBD premises, with founder and MD Peter Gibbs taking on a board and strategic development role.

CEO Hank Jeuring will become Executive Director Corporate at SRG, while former CFO Derrice Dillon has already started in his new role as Head of Finance and Operations.

Mr Gibbs says he is upbeat about what the move will mean for the business.

“We have significant growth opportunities that previously were on hold due to the shortage of resources,” he said. “The combined strength of Gibbscorp and SRG will ensure we are a major player in the Australian market.

“We have ambitious growth expectations, and we will be putting the strategic plans into motion.”