Austbrokers spent more than $26 million on acquisitions last financial year, but directors say further opportunities may be affected by competition in the market.

The group will grow distribution organically and via acquisition, expand underwriting agency products and diversify into insurance and risk services, its annual report says.

The report details the cost of purchases during the year.

The group bought 50% of the voting shares of WRI Insurance Brokers for $4.88 million.

On January 1 it bought half of workers’ compensation service provider Procare for $11.14 million, including $3.84 million expected to be paid in future.

In October last year subsidiary Austagencies bought the 50% of Celestial Underwriting Agency it did not already own for $300,000, and in April it paid $1.03 million for half of the Mint Plus agency, with $807,987 to be paid in future.

Austagencies also bought All-Trans Underwriting for $1.96 million and Trinity Pacific Underwriting for $4.02 million.

In January Austbrokers acquired an extra 25% of Power Insurance Brokers for $1.25 million, taking its total holding to 75%.

In March InterRISK Queensland bought 80% of Atlas Insurance Brokers for $1.71 million.

Austbrokers bought a majority share in InterRISK the previous financial year.

Austbrokers Chairman Richard Longes says last financial year was comparatively quiet for acquisitions, with 10 completed and a focus on embedding purchases from the previous year.

Total assets grew 11% to $626.48 million and included intangibles and goodwill of $174.22 million, up 10%. Total liabilities increased 7% to $356.9 million.

CEO and MD Mark Searles says Austbrokers’ new operating model improves clarity and service delivery. “Leveraging our strengths is particularly important in a flattening premium rate environment as we provide our partners, shareholders and clients with a diversified range of growth and service options,” he said.