Austbrokers has bought the insurance arm of thoroughbred auction house Magic Millions, which will be incorporated into specialist bloodstock insurer HQ Insurance.

Retail tycoons Gerry Harvey and Katie Page sold the insurance business for an undisclosed sum and will take a shareholding in HQ.

Austbrokers Sydney MD Jeff Howells told insuranceNEWS.com.au the acquisition strengthens the group’s position as the largest bloodstock buyer in the country.

The business will continue to trade as Magic Millions Insurance Brokers, and HQ MD Wayne Aldridge and his team will attend every Magic Millions auction sale.

HQ was formed last May from the merger of Austbrokers ABS Bloodstock, E-Quine Insurance Services and Howard Insurance Australia.

Meanwhile, Austbrokers has also announced that Austbrokers Countrywide, Austbrokers SPT and Austbrokers Professional Services have joined forces to win the professional indemnity insurance scheme for 450 Victorian licensed conveyancers.