MGA Insurance Brokers has acquired Canberra-based Capital Wealth Insurance Brokers as part of its expansion program.

The deal gives MGA its first office in the ACT, mainly servicing the area’s SME sector.

Capital will change its name to MGA Canberra and will retain its office in Phillip.

Its life insurance book has been purchased by Austbrokers Financial Services.

“We are interested in discussing additional acquisitions either in the Canberra area or any regional or metropolitan areas within Australia,” MGA MD Paul George said.

Last year MGA bought businesses in Queensland, Darwin and Adelaide.

The latest acquisition takes effect on May 31.