Regional Insurance Brokers (RIB) and Joe Vella Insurance Brokers (JVIB) today announced they have agreed to merge, in a move aimed at giving them more scale and depth to serve the north Queensland market.

The union will create a strong combination for the two Steadfast-backed brokerages, they said in a joint statement.

RIB has 13 offices employing 150 staff throughout the state, who will be joined by the 32-person strong team from JVIB.

“While the insurance market in North Queensland presents many challenges, it creates an opportunity for brokers to continue to deliver real value to their clients across all industries and regions,” RIB Regional CEO Tim Mathieson said.

“With our understanding of operating a branch network, we look forward to working with JVIB to deliver greater synergies and opportunities for our clients and staff on the ground.”

JVIB founder and MD Joe Vella says the merger agreement represents an “exciting time” for the business he has managed since establishing it in Cairns in 1996.

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

“[Mr Mathieson] and I will work together to drive the business forward as one, streamline operational efficiencies, increase opportunities for our teams and meet the needs of our clients every time.”

The RIB and JVIB brands will remain the same with Mr Mathieson as RIB CEO and Mr Vella as JVIB MD.

Today’s announcement follows a similar move in May by RIB when it announced it will merge with Austcover, another Steadfast-backed broker, on July 1.

The merger is also aimed at enabling the two businesses to expand their joint networks and capabilities in Queensland.

RIB has has grown to become one of the state’s biggest broking houses since its establishment in 1981. Its book is predominantly SME in blue collar industries like mining, construction and trades.