has announced the acquisition of a 50% stake in Queensland-based broker LEA Insurance Brokers.
LEA, which has offices in both Brisbane and the Gold Coast, is a founding member of IBNA and a member of the Council of Queensland Insurance Brokers with more than 4,000 clients across the country.
The latest acquisition adds to the AUB Group
network, with five additional bolt-on acquisitions throughout the network already announced or completed in FY2017.
Long-time shareholders and directors of LEA, Eric Gardner and Colin Irvine, will formally retire when the acquisition is set to be completed on May 1.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now
Both will remain in a consulting capacity with the firm until at least 30 April 2018, with Troy Jennings set to take over the role of managing director from Gardner.
“Colin and I had been considering succession for a little while and, as part of that, we had been talking to AUB Group
on and off for some time,” Gardner said.
“This arrangement builds a clear strategy and path for the future of the business.”
Fabian Pasquini, divisional chief executive, national partners and group acquisitions at AUB Group
, said that the firm sees significant growth potential for LEA in its next chapter.
“LEA will operate as a standalone partner business of AUB which now has 51 businesses across its broking network,” Pasquini continued.
Jennings has been with LEA for 17 years and will work closely with existing shareholders to continue the growth of the business.
“We have some exciting opportunities ahead,” Jennings said. “Having AUB Group
as a partner will provide additional growth opportunities for the business.”
LEA was founded in 1978 and has a number of authorised representatives and a strong life insurance business alongside its general insurance operations.
Broker network sees ‘very strong’ acquisition pipeline
Broker network raises profit outlook