Austbrokers has bought 50% of Nexus Risk Services and a majority share in specialist underwriter Asia Mideast Insurance and Reinsurance (AMIR).

The group’s CEO Mark Searles says Nexus is one of WA’s largest brokers, placing $56 million in general insurance premium and generating income of $12 million.

It adds 13,000 SME and commercial policies to Austbrokers and takes the network to 50 stand-alone partner insurance brokerages.

Nexus MD Mark Patterson will continue to lead the business.

He says Austbrokers’ owner-driver model and ability to tap its centralised expertise, efficiencies and support are factors in joining the group.

“As a long-standing IBNA member, important synergies with Austbrokers already exist, so we expect a smooth transition process,” he said.

Austbrokers has expanded its niche underwriting capability with the AMIR deal. The group’s underwriting subsidiary Austagencies has acquired 75% of the Sydney-based Lloyd’s coverholder. 

AMIR’s premium income topped $10 million last year. It specialises in offshore energy risks and cover for energy-related construction, and has some casualty-aligned business.

Austbrokers CFO Steve Rouvray told insuranceNEWS.com.au AMIR is a strong strategic fit for Austagencies, which wants to expand into niches in which it can become market leader.

He says Austagencies can add more products to AMIR’s offering and will gain access to the global market platform built by owner and MD Adel Dawood.