IAG has acquired Westcourt General Insurance Brokers (WGIB) effective immediately, it has been revealed.
The Westcourt business will be integrated into IAG’s existing AR business, National Adviser Services (NAS), “over time,” IAG said in a statement.
The combined business will become “number one in this market,” as the metropolitan focused Westcourt joins the rural-focused NAS.
Chief executive of IAG’s Australian Business Division,
Ben Bessell, said the deal makes strategic sense for the insurer.
“The AR segment is one of the most rapidly growing segments in the broader broker market so it makes sense to look for ways to grow and enhance our existing offering,” Bessell said.
“It’s also an opportunity for IAG to integrate two very successful and complementary businesses and provide a compelling value proposition to the AR networks and customers who value advice.
“As a business, it’s important to continue to look for ways to respond to changing customer needs and this is a great example of doing just that.”
Co-owner and director of Westcourt, Jeff Hollands, will continue to lead the business, IAG said, but director and co-owner Tremayne West “has declined the opportunity to participate in the new company and has decided to leave the business to pursue other business opportunities, effective immediately.”
RELATED ARTICLES:
Willis Towers Watson and CGU announce ground-breaking startup partnership
Leading AR network in Aussie first
AR network reveals new co-owner and director
