Austbrokers’ underwriting arm Austagencies has bought 90% interests in Lawsons Underwriting Australasia and Guardian Underwriting Services, increasing its gross written premium to more than $210 million a year.

The $9.94 million of acquisitions, paid from cash reserves, will raise earnings per share by about 2.3% on an annualised basis.

Austbrokers CEO Mark Searles says the deals complement the Austbrokers “owner-driver” model, in which underwriting principals retain a share of the business. “With this transaction, we acquire two teams of specialist underwriters who will add a diversity of product and scale to our expanding agency business,” he said.

Lawsons specialises in labour hire and recruitment, group training and contracting, and underwriting for complex liability exposures.

Melbourne-based Guardian’s niches include hotels and motels, food outlets, group personal accident insurance, professional indemnity and contingency insurance.

Their activities will complement Austagencies’ strengths in tourism and hospitality, so it can offer a unique service, Austagencies MD Craig Patterson says.

The acquisitions provide further opportunities to help brokers differentiate their customer offerings, he told insuranceNEWS.com.au.

Austagencies is considering working with a brand agency to develop key brands, Mr Patterson says.

Lawsons director Kevin Corkery and Guardian director Alan Mackay will remain with the companies. Majority shareholder in Lawsons and Guardian, Glenn Simpson, has left the business.