Austbrokers has acquired a 50% stake in YDR Chartered Loss Adjusters, an independently owned insurance service provider of loss adjusting, engineering and surveying expertise.

The AUB Group-owned broking arm says its investment will allow the business to leverage on the specialist loss adjusting services provider’s experience and capabilities in handling larger and more complex claims, leading to improved client outcomes.

The price and terms of the acquisition are confidential, a spokesman for Austbrokers told insuranceNEWS.com.au.

“Austbrokers members will be able to benefit from having additional access to loss adjusting capabilities within the network,” Chief Broking Officer Ben Bessell said today in a statement. “YDR is a national business that is well-respected by the insurers and already works with several Austbrokers members.

“This is a great opportunity for Austbrokers to continue to build on our portfolio and provide specialised services to our clients.”

The YDR investment is the latest made by Austbrokers to support broker members and their clients with expertise in claims services. Austbrokers recently acquired heavy motor claims manager and assessor, QRM Management.

YDR will continue to operate under its existing management structure with Mr Bessell joining its board.

The business started in 1992 as Laidlaw Young, servicing the insurance and reinsurance claims market. It has longstanding relationships with insurers, underwriting agencies, law firms, Lloyd’s coverholders and brokers including a number from Austbrokers.

Its current range of services includes commercial property, public and products liability, construction and contract works, strata and community corporation as well as professional indemnity.