ABICO Insurance Brokers has acquired two other authorised representatives (ARs) in the Ausure network: Professional Insurance Solutions Australia and Southside General Insurance, both based in the Sydney area.
Ausure, one of Australia’s biggest AR networks, announced the acquisitions in a media release shared with Insurance Business.
“This was a great opportunity,” said David North, (pictured above), ABICO’s managing director. “The ABICO team now consist of 21 staff across two offices.”
North’s firm has offices in Sydney and Wollongong and specialises in the construction, transport and earth moving sectors.
Jenny Sharman, former owner of Professional Insurance Solutions, said retirement plans motivated the sale of the business.
“I have been in the insurance industry for 37 years,” said Sharman. “My goal always was to retire by 55.”
According to the release, she said there were “a number of interested parties” but “ABICO was the perfect choice” to take care of long-term clients, due partly to the firm’s location.
“The fact that they won best practice in 2022 gave me confidence knowing my clients would be in good hands,” she also said.
Michael Samut, director of Southside General Insurances, was also looking to retire.
“I felt comfortable that my clients would be happy to continue the relationship with ABICO and Ausure,” he said.
In the release, both Samut and Sharman said they were looking forward to spending time travelling and visiting family and friends.
ABICO was established more than four decades ago, in 1981. The firm’s latest two acquisitions follow the purchase of Ausure Macarthur in June last year.
