Adelaide-based MGA Insurance Brokers has formed a joint venture with Sherbourne Insurance Brokers in the Victorian regional centre of Shepparton.

The tie-up will give MGA seven offices in Victoria and 30 nationally.

MGA MD Paul George says the partnership is a 50-50 joint venture with Sherbourne Principal Sam Loughran, who founded his company 35 years ago.

“We have used this structure before to help us expand and we know it works well for both parties,” Mr George said.

He told insuranceNEWS.com.au most of MGA’s branches are in rural and regional areas, where brokers want better products and systems.

“MGA has a large regional and rural footprint across Australia, with specific products aimed at farming and rural industry. Strategic acquisitions such as this help further strengthen our network.”

Mr Loughran says MGA will give Sherbourne a greater underwriting presence and release its eight staff from time-consuming tasks relating to compliance and training.