The managers of Zuellig Insurance Brokers have bought the company from the Swiss parent, and now they’re concentrating on maximising their local opportunities. Group MD Kym Bermingham said the management buyout will make the Australian operation more reactive to local market conditions, especially in the current market climate. 

The local ownership gives the firm a competitive advantage over brokers that are dependent on foreign parent company approval, he said. “Vested control with Australian shareholders enhances the company’s ability to respond quickly in this dynamic insurance market.”  

While Zuellig’s basic business approaches won’t change, the new ownership is likely to be more aggressive over acquisition opportunities. Mr Bermingham said the consolidation of brokers over the next 24 months will present great opportunities. “If ASIC’s figures are anything to go by, there will be 25% fewer brokers than there are now and with our newly found independence we are now empowered to respond to these local growth opportunities.”