Allianz Australia has increased its stake in key broker cluster Austbrokers from its current level of 4.9% to 5.1%.

While the company is adamant it’s a friendly move, the fact that QBE has embarked on a strategy of acquiring key distribution companies may be a consideration.

Local insurers have been careful to avoid directly infiltrating the broker market, but European insurers in the UK market have already made major inroads into broker companies.

Allianz GM Corporate Affairs Nicholas Scofield says the Austbrokers stake is “a part of our strategic holdings based on the importance we place on the independence of this key distribution partner. Our holding should be considered friendly to Austbrokers.”

He says Allianz has no plans to increase its stake in Austbrokers further at this stage or to launch a takeover of the company.

In February QBE announced the acquisition of a 14.9% interest in Austbrokers. Group CEO Frank O’Halloran also said the purchase was a strategic holding.

“It is long-term and friendly to the Austbrokers board,” he said. “It is not our intention under existing circumstances to make a takeover offer.”