Despite the economic pressures on business, SME brokers have performed well during the past year, according to Macquarie Relationship Banking Head of Insurance Broking Peter Conquest.

“While it has been a challenging period for brokers with soft insurance markets, the financial performance of brokers has been solid,” he said.

“Most businesses we’ve seen have experienced at least modest profit growth and we are now also seeing a greater level of succession and acquisition activity.”  

The bank also sees its foreign operations and local market growing.

He says experience gained in the Australian market has translated well when Macquarie considers moving into a country.

“October saw a couple of milestones in Macquarie’s 20-year history of working with the industry as a banker and premium funder,” Mr Conquest said.

“This month we celebrate the first birthday of Macquarie’s UK premium funding business as well as our first goodwill loan to an insurance broking business in Northern Ireland.” 

The bank has also been achieving strong growth in countries such as Canada, where it is now the second largest premium-funding provider.

“Macquarie has invested heavily in the insurance broking sector in recent years and this will continue both locally and internationally as we see prospects for insurance brokers overall to be very positive during the medium term,” he said.