Austbrokers is continuing to expand through acquisition, with Austbrokers Holdings acquiring half of a Queensland brokerage and its Austbrokers Risk and Insurance Services (RIS) business buying Team Insurance Agencies in Orange and Forbes in NSW.

Austbrokers Holdings has bought 50% of southwest Queensland-based Dalby Insurance Brokers, gaining expertise in the farming and crop sectors.

The company is owned by Phil and Fran Wicks and has been an IBNA broker. It employs 10 staff.

The couple had been considering their succession plan for some time and were approached to sell, Mr Wicks says.

“But when I met with Austbrokers they were able to tailor a deal that addressed our specific needs.”

Mr Wicks says they were enthusiastic members of IBNA but once they decided to partially realise their investment, Austbrokers offered the best arrangement.

They will continue working in the business, which Austbrokers says has a growing number of commercial clients.

Austbrokers GM Acquisition and Development Fabian Pasquini says Dalby Insurance is in an economic growth area, with billions of dollars of energy projects raising activity in the broader commercial sector.

Austbrokers RIS says its latest purchase will let it commit greater resources and expertise to the NSW central west, offering a broader range of services with greater efficiencies.

“It’s a nice fit in terms of locale,” Regional Director Mal Irwin told insuranceNEWS.com.au. “It’s a very similar mix of business to our current portfolio.”

RIS will focus on business pack, property and liability insurance for commercial, retail and industrial clients, plus farm and associated industries.

It has added four staff to the 13 already servicing Dubbo, Orange and Forbes and expects gross written premium to increase by $2.5-3 million, Mr Irwin says.

The Austbrokers RIS business in Orange has relocated to the Team Insurance Agencies office there, providing a stronger retail presence.

“In the long term for the regional part of the operation, we’re looking to expand our range of services,” Mr Irwin said. “We’re looking for acquisitions.”

Austbrokers has made 10 acquisitions so far this financial year.