Three Sydney Austbrokers’ businesses have been brought together to operate under one licence and share resources.

AEI, Adept and Wilburtins will share IT, compliance and accounting functions and operate under the Austbrokers Holdings licence.

Adept and Wilburtins will be based at Hurstville, while AEI will continue to operate from St Leonards.

Austbrokers CEO Lach McKeough says the time has come to streamline the trio into one. “We have taken the opportunity to create a business where we bring together skills sets and specialisation which provides critical mass together with the ability to gain economies,” he said.

Under the new combined structure, total premium income generated by the company will be in excess of $165 million.

In late January Austbrokers completed the sale of its 50% interest in Queensland-based AIB after an independent valuer determined a fair value for the asset.

The sale was foreshadowed in the Austbrokers’ prospectus as part of its pre-IPO restructuring. AIB bought the minority shareholding from Austbrokers Holdings for $4 million less than the prospectus announced.

The sale resulted in an after-tax profit of $4.2 million. AIB currently produces more than $50 million of premium income a year.