Austbrokers’ members Strathearn and MGA have bought out Steadfast member PB Insurance.

PB will sell its corporate portfolio to Strathearn and MGA will purchase the balance of PB’s portfolio of SME clients and introduce its portfolio management model into the business.

The deal, effective from December 1, is Austbrokers’ 13th this year (see other story)

Caboolture-based PB principal Ian Yeo will follow his clients and act as a consultant to both Strathearn and MGA.

Mr Yeo appears to have had doubts about Steadfast’s forthcoming public listing, with an Austbrokers statement saying the “pending moves by Steadfast resulted in Ian Yeo considering his options for the future”.

Strathearn “could accommodate my corporate clients and I would help them grow that portfolio into the future”, Mr Yeo says in the statement.

“After the initial introduction from Strathearn we were able to structure a flexible deal that addressed Ian’s desire to focus on his corporate clients and future opportunities in that arena,” Austbrokers GM Acquisitions and Development Fabian Pasquini said.