MGA Insurance Brokers has purchased the business insurance portfolio of the Bank of South Australia (BankSA).

Although MGA MD Paul George declined to comment to insuranceNEWS.com.au, it’s understood the acquisition involves a portfolio of about 7000 policies.

The addition of BankSA’s business insurance customers is expected to strengthen MGA’s capability and expertise in the region.

A team of skilled professionals who have managed the bank’s portfolio is understood to be moving across to MGA.

MGA has 38 offices across SA, NSW, Victoria, Queensland, NT and WA and employs about 380 staff.

“Strategic acquisitions such as this will help further strengthen our network,” Mr George says in an internal note seen by insuranceNEWS.com.au.

“In a constantly evolving business landscape we must continue to build on our expertise to remain at the leading edge.”