Wesfarmers subsidiary OAMPS Insurance Brokers has acquired Townsville-based Magnetic Insurance Solutions.

OAMPS Northern Region Manager Scott Denning says the acquisition is part of the company’s plan to strategically expand its insurance broking operations in North Queensland.

“This acquisition adds to our existing operation in Townsville and brings additional experience in the way of transport, construction and hospitality broking,” he told insuranceNEWS.com.au.

Magnetic Insurance Solutions Principal Rob Marshall will remain with the business as a senior account executive and maintain his existing portfolio.

Mr Denning says OAMPS will continue to target growth in specialty areas where it has existing expertise, and will also look at acquisitions that would add new skills to the company.

OAMPS claims to be the second-largest broker in the Queensland market by number of employees and now has four offices throughout the state.