Newly listed broking network Austbrokers is continuing its buying spree, adding a 50% stake in Australian Logistics Insurance (Brokers) Pty Ltd (ALIB) to its list of recent acquisitions.

Completed last week, the buyout extends Austbrokers’ influence in the insurance markets for bus and coach operators. The small Sydney-based company brings approximately $1.4 million worth of commission and fee income to the table.

Austbrokers CEO Lach McKeough says the small brokerage has also transferred a portfolio worth $800,000 to Austbrokers’ Sydney business. Apart from this, the business will continue to run as a separate entity, under the new name “Austbrokers ALIB”.

“We are pleased to be able to establish this venture on our preferred ‘owner-driver’ basis and believe it will be a significant force in its market niche,” Mr McKeough said.

The purchase is just one of several acquisitions that Austbrokers has made since listing with the Australian Stock Exchange on November 16 last year.

The company has also taken up the last 20% of Queensland brokerage CE McDonald. It has accepted full control of what is now Austbrokers CE McDonald.

The acquisitions follow from two made in the second half of last year. Austbrokers also bought 80% of Premier Auspac Insurance Brokers late last month.

Mr McKeough says he is happy to continue expanding the Austbrokers network. Speaking after the group’s recent profit announcement, he said the softening domestic insurance market will provide ongoing opportunities for further growth by acquisition.

“We will continue to seek greater scale and cost synergies through this strategy.”