Bowen Insurance Brokers has been acquired by Complete Risk Solutions, which is part of Insurance Advisernet Australia (IAA).

The independent brokerage, owned by Ted and Gwen Bowen since 1958, is based in Stroud, near Newcastle, and services NSW areas including the Hunter Valley, Myall Lakes, Barrington and Maitland.

Complete Risk Solutions director Jeremy Thornton says the Bowens are to retire, while their son Bruce and daughter Paula Tolhurst have transferred to his group, which is based in Taree.

Mr Thornton carried out the acquisition independently of Austbrokers partner IAA.

He will expand his business from a one-man operation to a four-person set-up, with the addition of the Stroud office and another full-time staffer in Taree.

“We did this off our own bat but IAA is obviously stoked because it is growing a bit more,” he told insuranceNEWS.com.au.

He says when Complete Risk Solutions launched, IAA lacked a strong presence from Coffs Harbour to Newcastle “so it was pretty keen to get someone to plug that gap”.

Mr Thornton aims to carry out more acquisitions over the next year.