Another merger move has been made by Regional Insurance Brokers (RIB), weeks after it announced the business will join forces with fellow Steadfast-backed broker Austcover.

Last week RIB said it has an agreement with Joe Vella Insurance Brokers (JVIB), another Steadfast-backed broker, to merge as the two businesses seek to strengthen their scale and depth in the north Queensland market.

They said in a joint statement last week that the union will create a strong combination for the two brokerages.

RIB has 13 offices employing 150 staff throughout the state and they will be joined by the 32-person team from JVIB.

“While the insurance market in north Queensland presents many challenges, it creates an opportunity for brokers to continue to deliver real value to their clients across all industries and regions,” RIB Regional CEO Tim Mathieson said.

“With our understanding of operating a branch network, we look forward to working with JVIB to deliver greater synergies and opportunities for our clients and staff on the ground.”

JVIB founder and MD Joe Vella says the merger agreement represents an exciting time for the business he established in Cairns in 1996.

“JVIB’s focus has always been centred around putting clients first and that will remain central to this new partnership,” Mr Vella said.

“[Mr Mathieson] and I will work together to drive the business forward as one, streamline operational efficiencies, increase opportunities for our teams and meet the needs of our clients every time.”

The RIB and JVIB brands will remain, with Mr Mathieson as RIB CEO and Mr Vella as JVIB MD.