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CBN buys Bendigo and Adelaide Bank broking business

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Community Broker Network (CBN) will acquire business and rural specialist Community Insurance Solutions (CIS) from Bendigo and Adelaide Bank in a transaction that is expected to be completed in early December.

CBN said last week it has also entered into a referral arrangement with the bank as part of the deal. The acquisition price was not disclosed.

“As Australia’s largest general insurance authorised broker network, CBN will extend its capability and empower CIS to continue to provide quality insurance advice to our customers, helping them achieve the best available insurance outcomes in accordance with their circumstances,” Bendigo and Adelaide Bank Head of Insurance Andrew Robertson said.

CBN says CIS gross written premium was more than $17 million in the year ended June 30, it has experienced “above system growth and good retention”, underlying the appeal of the acquisition, and the deal aligns with its strategy.

The business, which has staff spread across Victoria, will continue to maintain a strong presence in Bendigo, and CBN says it’s hopeful of bringing across the majority of the existing staff.

“We will ensure a smooth transfer of the portfolio for clients and the CIS team,” CBN CEO Richard Crawford said.

CBN, which is part of Steadfast Group, handles more than $730 million in gross written premium and services more than 160,000 SMEs, according to its website. The network includes more than 900 individuals across regional and metropolitan locals.