Sequoia Financial Group has sold its general insurance broking businesses to WIB Corporate, a company owned and controlled by former Steadfast director Cameron Bott.

The sale of Sequoia Insurance Brokers and Interprac General Insurance is consistent with Sequoia’s strategy of streamlining its business model, the listed financial services provider says.

WIB is expected to pay $4.4-$5 million in cash for the businesses, based on the two brokerages’ projected revenue of $2 million for last financial year.

The payment will be made over a 15-month period; $1 million has already been paid, with the next $1 million due by October 31.

“The remaining balance will be deferred and paid in October [next year] upon the parties calculating the annual revenue of the retained business for the FY25 period,” Sequoia said.

Mr Bott says he is excited to acquire the businesses and form a strategic alliance with Sequoia’s advice and accounting network to provide insurance broking services.

He told insuranceNEWS.com.au that in the short term, WIB Corporate will rebrand with two additional trading names: Sequoia Insurance Brokers and Interprac General Insurance.

Mr Bott became a shareholder of Westlawn Insurance Brokers as executive director in July 2022, and WIB Corporate – a joint venture between him and the brokerage – was created.

On May 31 he acquired the broker’s shareholding in the joint venture and Westlawn Finance bought his stake in the broker.

Mr Bott says Westlawn Insurance Brokers has made significant progress in the past few years thanks to the hard work of executive director Chris Dougherty, the leadership team and every employee.

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