Steadfast-linked Austcover and Regional Insurance Brokers (RIB) have agreed to merge, creating a “winning combination” to offer broking solutions to the Queensland market, they announced in a joint statement today.

The union will take effect from July 1 with RIB CEO Tim Mathieson to head up both organisations as CEO, while Austcover CEO Maria Parry will lead the combined broking teams as COO.

“It’s a great opportunity to expand our broker network across Queensland and deliver real value to clients, across all industries and regions,” Mr Mathieson said in the statement to insuranceNEWS.com.au.

“With our understanding of operating a branch network, we’ll be able to work with Austcover to deliver greater synergy and opportunity for our staff and clients on the ground.”

Ms Parry says it’s a “hugely exciting time” for Austcover to partner with RIB, one of the biggest broking houses in Queensland.

“Austcover’s focus has always been centred around putting clients first and that will remain central to this new partnership,” Ms Parry said.

“[Mr Mathieson] and I will work together to drive the business forward as one, looking to streamline operational efficiencies, increase opportunities for our teams, and where necessary to create a world class customer experience every time.

“We will always be on our client’s side.”

Operating since 1981, Brisbane-headquartered RIB has close to 100 employees and eleven regional offices.

Once the merger is finalised, it will operate from 13 offices supported by a combined team of 150 people servicing more than 30,000 clients.

The business will be more diverse geographically, and see diversity by product and industry type, which will provide greater access to expertise and opportunity for growth.

RIB’s book is predominantly SME in blue collar industries like mining, construction and trades, while Austcover deals in the mid-to corporate market.

“Together the merger will enable the two businesses to form larger books of specialty business that will help to achieve scale and leverage markets across Queensland,” the statement said.