AUB Group says its recent investment in Experien Insurance Services is part of a strategy to grow its specialty portfolio business.

The broking network announced in its earnings results it had acquired a majority 73.15% stake in the brokerage, which specialises in general and life insurance protection for the medical profession.

“I’m delighted to grow our Austbrokers family with the addition of Experien Insurance Services,” AUB Group CEO Mike Emmett told insuranceNEWS.com.au today.

“Our investment in Experien continues to build on the group strategy to focus on specialty portfolios, in this case life and general insurance for doctors, dentists and other professions.”

The investment was made through its Austbrokers division, with Experien becoming a part of the AUB Group last month.

AUB says it will continue to look for complementary “bolt-on” acquisitions, as well as potential strategic investments.

Experien CEO Clive Levinthal says having AUB onboard as a majority shareholder enhances the 16-year-old brokerage’s growth ambitions.

“It’s a very exciting progression in our company’s history,” Mr Levinthal told insuranceNEWS.com.au today. “We’re at a stage now where it’s good to partner up with a strategic corporate partner such as Austbrokers.

“It’s only going to be good for both organisations but more important is the benefits to our clients.

“Austbrokers can add a lot of benefits to our clients via their additional services such as helping in getting better arrangements with insurance companies and by also being a specialist insurance company themselves, we can draw on their skills and services to enhance our value proposition.”

Mr Levinthal says there have been no management changes, describing it as “business as usual but better”.

“We remain the same business that we have always been and with the same team and the same focus,” he said “We now are powered by additional support and it’s nice to belong to a bigger organisation and leverage those benefits.”