Austbrokers stable continues to grow
Cluster group Austbrokers has continued its ambitious growth strategy with its latest moves expected to add $600,000 in annual net profit and raising membership to about 40.
Austbrokers has acquired 50% of WA firm Austral Insurance Brokers and increased its stake in Victorian company Austbrokers Phillips from 50% to 66%. It has also raised its stake in Austbrokers Trade Credit from 50% to 65%.
Austral founding shareholder Arthur Elliott is retiring while his partners Stephen Halbert and Ken Gillon will continue in partnership with Austbrokers.
Two firms in which Austbrokers holds a 50% stake have also announced acquisitions. Port Macquarie brokerage Oxley Insurance Brokers has bought NSW firm Graham Herring Insurance Brokers while Austbrokers Countrywide has taken a 45% stake in Melbourne-based John Smith Insurance Brokers.
Austbrokers CEO Lach McKeough says the acquisitions emphasise Austbrokers’ “succession planning capabilities and the benefits of encouraging our equity partners’ entrepreneurial spirit”.
Company Secretary Steve Rouvray told insuranceNEWS.com.au Austbrokers “has a stated strategy of growth and we’ll continue to take advantage of acquisitions as they arise”.
Austbrokers has acquired 50% of WA firm Austral Insurance Brokers and increased its stake in Victorian company Austbrokers Phillips from 50% to 66%. It has also raised its stake in Austbrokers Trade Credit from 50% to 65%.
Austral founding shareholder Arthur Elliott is retiring while his partners Stephen Halbert and Ken Gillon will continue in partnership with Austbrokers.
Two firms in which Austbrokers holds a 50% stake have also announced acquisitions. Port Macquarie brokerage Oxley Insurance Brokers has bought NSW firm Graham Herring Insurance Brokers while Austbrokers Countrywide has taken a 45% stake in Melbourne-based John Smith Insurance Brokers.
Austbrokers CEO Lach McKeough says the acquisitions emphasise Austbrokers’ “succession planning capabilities and the benefits of encouraging our equity partners’ entrepreneurial spirit”.
Company Secretary Steve Rouvray told insuranceNEWS.com.au Austbrokers “has a stated strategy of growth and we’ll continue to take advantage of acquisitions as they arise”.