Community Broker Network (CBN) has reached an agreement to acquire Community Insurance Solutions (CIS) from Bendigo and Adelaide Bank.

The network has also entered into a referral arrangement with Bendigo and Adelaide for customers with rural and business insurance needs.

“We are excited to acquire this portfolio as it aligns with our strategy of retaining and growing our community to foster a healthy sustainable network,” CBN CEO Richard Crawford said today. “We will ensure a smooth transfer of the portfolio for clients and the CIS team.”

CBN, which is part of Steadfast Group, handles more than $730 million in gross written premium and services more than 160,000 SMEs, according to its website. The network includes more than 900 individuals across regional and metropolitan locals.

“As Australia’s largest general insurance authorised broker network, CBN will extend its capability and empower Community Insurance Solutions to continue to provide quality insurance advice to our customers, helping them achieve the best available insurance outcomes in accordance with their circumstances,” Bendigo and Adelaide Bank Head of Insurance Andrew Robertson said.