Austbrokers' expansion continued apace with a 50% purchase of Queensland-based Rivers Insurance Brokers.

The group paid an initial $1.8 million for a half share of the business, with a further $500,000 contingent on 2008 financial year results.

Austbrokers CEO Lach McKeough says the acquisition gives the network a greater Queensland presence through Rivers' operations in Brisbane, Innisfail and Cairns.

Rivers employs 30 people and has annual revenues of $3.1 million. Owners Don Tickle and Ross Hillier will retain a share of the business.