Broker network ramps up acquisition charge with Magic Millions purchase

Broker network ramps up acquisition charge with Magic Millions purchase | Insurance Business

Broker network ramps up acquisition charge with Magic Millions purchase
Austbrokers Holdings broker HQ Insurance has acquired the horse insurance arm of Magic Millions, cementing its position as Australia’s largest and premier bloodstock and livestock insurance broker.

HQ Insurance today acquired Magic Millions Insurance Brokers from Gerry Harvey and Katie Page-Harvey, the owners of Magic Millions Sales. The Harveys in turn will take a shareholding in the HQ business. Magic Millions is renowned for its thoroughbred auction sales and support of racing carnivals.
The insurance business will continue to trade as Magic Millions Insurance Brokers, under the guidance of Wayne Aldridge and his team who will continue to have a presence at every Magic Millions auction sale nationwide. Broker administration has been consolidated at HQ Insurance’s offices in North Sydney.
Wayne Aldridge, Managing Director of HQ Insurance says, “This is a natural progression and enables us to capitalise on the respective strengths of each business in the HQ Group. This further reinforces our commitment to provide our clients with superior professional and personal service.
“Our clients will be reassured by the wealth of our experience and participation in the bloodstock and insurance industries, professional expertise and back-up support, all of which translate into the delivery of superior service.”
Collectively, the HQ Insurance team has specialised insurance experience approaching 150 years, with unrivalled broking services and skills to meet the high standards expected by their clients and the market.
HQ Insurance was launched in May 2013, after the merging of Austbrokers ABS Bloodstock, E-Quine Insurance Services and Howard Insurance Australia.
Jeff Howells, Managing Director of Austbrokers Sydney, said “this additional acquisition further leverages the synergies we have achieved and strengthens our market presence. We have been able to deliver significant benefits to our clients including unparalleled access to insurance markets worldwide.”
The purchase of Magic Millions is Austbrokers’ first brokerage acquisition of 2014, although it was revealed earlier this week that its underwriting arm Austagencies had agreed to buy Insurance Advisernet’s underwriting agencies. The network also announced that three of its brokerages had been successful in securing a joint contract to manage the professional indemnity insurance scheme for licensed conveyancers across Victoria.