Brisbane-based Austbrokers Comsure and WRI Insurance Brokers in Sydney will join forces, creating a “broking powerhouse” with $120 million in combined annual gross written premium and more than 20,000 clients, the two AUB-backed businesses announced today.

The merged entity will be the fifth-largest brokerage in the Austbrokers network, the broking arm of AUB.

“We continue to work with Austbrokers members to accelerate their growth and scale so we can improve the quality and expertise available to our customers,” AUB Group CEO and MD Mike Emmett said.

“We’re delighted by the merging of these very strong businesses to establish one of Austbrokers’ largest brokerages and Australia’s leading insurance adviser to the motor dealership industry.”

The two brokerages already have large motor dealerships and the merger makes Austbrokers Comsure the “largest, most experienced dealership” broker in the country, they said in a joint statement.

It also takes Austbrokers Comsure on a step towards establishing a nationwide footprint, with key offices in Brisbane and west of Sydney.

Austbrokers Comsure MD Ian Garbutt says the two businesses are a “perfect match”, given their distinguished history and well-developed client bases in the SME, middle and corporate markets.

“We share many synergies with WRI in our commitment to customer service, product expertise, and ability to provide risk management advice, particularly for hard-to-place risks,” Mr Garbutt said.

“Together we can capitalise on the advantages a larger entity brings to client service, insurer relationships, claims management, marketing, and meeting compliance requirements.”

WRI MD Robert Moir, who established the business 40 years ago, will take on a new role as Chief Broking Officer.

“This is a natural fit for both organisations, creating a stronger merged entity,” Mr Moir said.

“The WRI team and our valued clients will benefit from the reduced operating costs and economies of scale this brings to our operations.”

Austbrokers Comsure, AUB’s largest Queensland broker, was formed last year through the merger of three brokerages: Bestmark, Citycover and Comsure.