Austbrokers has bought a 50% shareholding in Parramatta-based WRI Insurance Brokers, which was previously a member of broker group Steadfast.

WRI was founded in 1981 by Robert Moir, who will remain as MD under the deal.

It has 18 staff and specialises in the motor dealer and motor trades industries. WRI’s gross written premium of more than $20 million will bring Austbrokers’ total projected annual gross written premium to $1.6 billion.

Austbrokers CEO and MD Mark Searles told insuranceNEWS.com.au WRI will bring “increased representation in Parramatta and the growing western Sydney hub”.

“We are not picking on Steadfast members. A core part of our growth dynamic is acquisitions, and WRI was a very good fit.

“It is just a coincidence, in terms of the timing, that it comes on the back of the acquisition of [former Steadfast member] InterRISK.

“It is a very strong start to this financial year. We now have to be incredibly focused on bedding down the acquisitions we have made over the past 12 months.”

Despite having 46 partner businesses, “there is still a lot of opportunity in terms of attracting people into the Austbrokers model”, Mr Searles says. “We continue to seek the right acquisition opportunities.”