Austbrokers network member Finsura Financial Services Group has acquired Hornsby-based RJ Vaughan & Monaghan, which was founded in Sydney in 1923.

The acquisition will enhance Castle Hill-based Finsura’s presence in the North West and Upper North Shore and surrounding regions. The price and terms of the transaction were not disclosed.

Vaughan & Monaghan MD Peter Farrar, will continue to lead the business, which was a founding member of both the Corporation of Insurance Brokers, a forerunner of the National Insurance Broking Association, and the Insurance Brokers Network of Australia (IBNA).

“Peter and I have worked together on various committees and projects over the years and our businesses have come to know and respect each other,” Finsura MD Matt Driscoll said.

“The acquisition of Vaughan & Monaghan will be a welcome addition to Finsura and will complement our existing business. I am very pleased that Peter and his fellow directors have chosen to join us.”

Mr Farrer says there are many synergies between the two organisations, which will strengthen the merged operation.