The Regional Insurance Brokers Association of Victoria (RIBA) has changed its name to become the Australasian Association of Insurance Brokers (AAIB).

AAIB Executive Officer Bill Friend says the move is a logical one after RIBA began attracting larger brokerages and interstate members to its traditional member base of small country Victorian brokerages.

But he says AAIB remains a cluster group pitched at small to medium operators.

He says the new identity received a “fairly positive response” from members at an announcement last Saturday.

“We are looking beyond our traditional borders to the whole of Australia,” Mr Friend said. “[Members] agree it is a move in the right direction to make the group a success.

“We wanted to grow our successful model that appeals to smaller brokers, whose needs are no different wherever they are located.”

AAIB currently has 25 member firms in about 100 localities.  The group relies on funding from member fees and does not take equity stakes in member firms.

Mr Friend says some interstate brokers have shown interest in the organisation.

“Some people who have not consolidated now see that membership of [AAIB] is an option rather than having to sell out or join one of the bigger groups.

“As we are growing we are now finding insurers who may not have been interested in the past are now looking at us in a different light.”