Adelaide-based national broker MGA has expanded its Darwin presence with the purchase of Sirius Risk Services (NT).

The purchase became effective on November 1 and will increase MGA’s premium income in Darwin from $18 million to almost $20 million.

MGA MD Paul George says the acquisition “fits nicely” with the company’s current Darwin business.

“Our plan going forward is to purchase like-minded brokerages and fit them in our model, so we look at any opportunities that come our way quite seriously,” he told insuranceNEWS.com.au.

The NT portfolio is largely made up of SME accounts. MGA now has 10 staff handling its NT operations after setting up in Darwin in 2002 and Alice Springs in 2006.

The company has posted growth in the NT of between 12-13% a year for the past three years because of strong economic growth in the territory, MGA NT Director Jon Bourke says.

“The $34 billion Impex gas project has had a major impact on the Territory’s economy and this has been reflected in increased housing and business activity,” he said.

“This has had a significant impact on our business, and it appears this growth can be expected for at least the next four or five years.”

Although Sirius has other offices around Australia, the purchase only affects its NT business.