Austbrokers book reads $1 billion
Austbrokers has nudged its premium book above $1 billion through the acquisition of national group Strathearn Insurance Brokers.
CEO Lach McKeough said Strathearn will boost after-tax profit by about $1 million in 2008.
Austbrokers is taking a 50% stake in Strathearn, which has offices in Perth, Brisbane and Sydney, places $125 million in annual premiums and has revenues of $12.8 million.
Mr McKeough said the addition of Strathearn consolidates Austbrokers’ position in Western Australia and Queensland.
“Strathearn will also add to the existing knowledge and expertise of the network, with its particular focus on insuring clients in the corporate sector,” he said.
Strathearn has operated in Australia since 1993 and specialises in placing niche lines including mining, construction, surety bonds, corporate, political risks, trade credit, aviation and professional services.
CEO Lach McKeough said Strathearn will boost after-tax profit by about $1 million in 2008.
Austbrokers is taking a 50% stake in Strathearn, which has offices in Perth, Brisbane and Sydney, places $125 million in annual premiums and has revenues of $12.8 million.
Mr McKeough said the addition of Strathearn consolidates Austbrokers’ position in Western Australia and Queensland.
“Strathearn will also add to the existing knowledge and expertise of the network, with its particular focus on insuring clients in the corporate sector,” he said.
Strathearn has operated in Australia since 1993 and specialises in placing niche lines including mining, construction, surety bonds, corporate, political risks, trade credit, aviation and professional services.