Adelaide-based MGA Insurance Brokers has increased its Queensland premium income to more than $15 million with the purchase of two businesses on the Sunshine Coast.

The larger of the two deals sees it take over Caboolture-based PB Insurance’s SME portfolio after PB principal Ian Yeo liquidated the business rather than remain with Steadfast when it lists in May.

The second deal sees MGA buy about 50% of Brett Hempenstall’s one-man brokerage. Mr Hempenstall will move into PB’s Caboolture office, which will use the MGA brand.

“We’ll have 11 people in the office, four brokers and six support people,” MGA MD Paul George told insuranceNEWS.com.au. “Brett Hempenstall… will take over a portfolio.”

Mr Yeo will serve as a consultant for at least 12 months “to assist and mentor personnel in the office”.

MGA has 24 offices nationally and annual premium income of $160 million, which it plans to expand to $200 million in three to five years.

In the past 12 months it has also bought Barker Meier, Affinity Insurance Services and Access Insurance Brokers. In Queensland it has offices at Roma, Brisbane, Maroochydore and Caboolture.