Cluster groups IBNA and Austbrokers have formed a joint company, Austbrokers & IBNA Member Services (AIMS).

AIMS branding will be used in the future for all Austbrokers and IBNA products. It’s understood a new CEO will be recruited to oversee the new joint venture company.

The move is part of the agreement for Austbrokers to acquire some IBNA assets and provide services for both Austbrokers and IBNA members.

The new company is awaiting regulatory approval from the Australian Securities and Investments Commission (ASIC). IBNA Broking will continue as a separate legal entity but will come under the same administrative framework as IBNA.

Once AIMS gets approval it will appoint two members each from IBNA and Austbrokers to its board. The new company will announce a steering committee in the next few weeks.

IBNA has also announced the admission of three members to its cluster, taking the total to 81. They are two Queensland brokers, Herbert Insurance Brokers and Millennium Insurance Brokers, and Melbourne-based Tartakover Insurance Brokers.

The information was announced at the members’ meeting at the IBNA annual convention last week in Broome. Attempts by Sunrise Exchange News to contact IBNA Chairman Graham Watman over several weeks have been unsuccessful.