Austcover, one of the largest Australian-owned insurance broking firms, has announced that it will merge with major Queensland-based insurance broker Regional Insurance.

Taking effect on July 01, 2021, the merger is expected to allow both insurance brokers to offer a unified insurance broking solution to the Queensland market.

As part of the deal, both firms will continue to operate under their existing brand names. However, they will share networks, systems, and processes, and they will follow a joint strategic growth plan.

“This merger offers customers an exciting opportunity to tap into an even stronger broker network, supported by the rich heritage and experience of both organisations in the insurance broking market,” Austcover said in a statement.

Regional Insurance chief executive officer (CEO) Tim Mathieson will lead both firms, with Austcover CEO Maria Parry leading the combined broking team as chief operating officer.

Regional Insurance said in a statement on LinkedIn: “Joining together as one company will extend the network of advice our clients can tap into and enable strategic growth into the future.”