Mid-market brokerage acquires specialist Queensland firm

A brokerage, which last year saw a cluster group purchase a majority stake in it, has bought an intermediary as it forges ahead with plans to expand its geographic presence.

Mid-market brokerage acquires specialist Queensland firm

Insurance News

By Chinwe Akomah

Austbrokers’ brokerage InterRisk has acquired Atlas Insurance Brokers for an undisclosed sum in a bid to expand its presence in Queensland.

Specialist mining services, transport, construction and engineering insurance broker Atlas will continue to trade under the Atlas brand with support from InterRisk.

Atlas founder and principal John Carter and co-director Jack Weston will retain active roles within the Mackay business. Carter will also retain a 20% shareholding in the company.

For the last two years, InterRisk has worked extensively with Atlas to support major account initiatives. It is during this time, and as a result of the relationship developed by the two companies, that the prospect of an acquisition emerged.

Dennis Guy, chairman of InterRisk Australia, said: “There are natural synergies between the two businesses and we are looking to expand our geographic presence in Queensland, having successfully established ourselves in the Brisbane market.

“This acquisition will enable us to leverage the strengths of both businesses and deliver significant benefits to Atlas’ clients including unparalleled access to insurance markets worldwide.”

Danny Gluszkiewicz, managing director InterRisk Queensland noted that the acquisition allows the company to continue with its expansion plans.

 “It reinforces our commitment to provide our clients with a superior professional and personal service. Our client-centred business strategy is key to InterRisk being the insurance broker of choice for many of Australia’s leading corporations.”

Carter highlighted the “significant strategic support and services” that InterRisk adds to Atlas, which will benefit its customers in the longer term.

Atlas has been serving Queensland’s insurance industry since its inception more than 20 years ago.

Austbrokers purchased a majority stake in InterRisk last year.

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