Austcover and Regional Insurance Brokers (RIB) say their plan to merge will create a “winning combination”, giving the two brokers the opportunity to expand their joint networks and capabilities in Queensland.

Austcover is part of the Steadfast Group, the country’s largest general insurance broker network, while Brisbane-headquartered RIB, also backed by Steadfast, has grown to become one of the state’s biggest broking houses since its establishment in 1981.

The union will take effect from July 1 with RIB CEO Tim Mathieson to head up both organisations as CEO, while Austcover CEO Maria Parry will lead the combined broking teams as COO.

“It’s a great opportunity to expand our broker network across Queensland and deliver real value to clients, across all industries and regions,” Mr Mathieson said in a statement to insuranceNEWS.com.au.

“With our understanding of operating a branch network, we’ll be able to work with Austcover to deliver greater synergy and opportunity for our staff and clients on the ground.”

Ms Parry says it’s a “hugely exciting time” for Austcover to partner with RIB, one of the biggest broking houses in Queensland.

“Austcover’s focus has always been centred around putting clients first and that will remain central to this new partnership,” Ms Parry said.

The statement says once the merger is finalised, the company will operate from 13 offices supported by a combined team of 150 people servicing more than 30,000 clients.

“It’s sure to create a winning combination for both experienced leaders, to drive a combined business to success,” the statement said.

RIB’s book is predominantly SME in blue collar industries like mining, construction and trades, while Austcover deals in the mid-to corporate market.

“Together the merger will enable the two businesses to form larger books of specialty business that will help to achieve scale and leverage markets across Queensland,” the statement said.