The merger of the two broking firms will lead to a new entity handling over $58m in gross written premiums annually from more than 10,000 clients
Aviso Group, an Australian broking giant, has announced the merger of two of its largest subsidiaries, Insurance Aid General Brokers and Eagle Insurance Brokers.
The new entity, known as Aviso EIA Insurance Brokers, will be responsible for more than A$80m ($58.5m) in gross written premiums from over 10,000 clients. The clients will be handled through its offices in cities from Newcastle to Darwin, with a workforce of over 80.
Aviso EIA will be led by Aviso Group CEO, Craig Robson, Andrew Hinz and Shane Risby. Eagle Insurance Brokers managing director David Bailey has been given a new role as Aviso EIA director. He has also been appointed as Aviso Group’s general manager, working closely with Robson in delivering the group’s strategic objectives.
Aviso Group CEO Craig Robson said: “The merger of the two businesses was part of the Aviso Group vision to become one of Australia’s largest insurance brokers and an industry leader for service and advice.
“This merger delivers on the Aviso Group promise to deliver the best of both worlds, providing local advice with nationally competitive price and service.”
The two insurance broking firms were established over 30 years ago
Established in 1985, Insurance Aid General Brokers operates across the South East and Central Queensland market, with offices in Brisbane and the Gold Coast, Rockhampton, and Townsville, supported by a staff of over 40.
Founded two years later in 1987, Eagle Insurance has offices in Newcastle, Taree, Byron Bay, Coffs Harbour, Port Macquarie, Kempsey, with authorised representatives in Sydney, Brisbane and Darwin.
Hinz said: “Insurance Aid has achieved exceptional growth over the past few years and the merger will increase our scale and ability to drive efficiencies for the benefit of our staff and customers.”
Bailey said: “Personally, I can’t wait to get involved more broadly with-in Aviso Group and assist with the strategy to build one of Australia’s largest insurance brokers.”
Aviso Group and Aviso EIA are supported by Envest, a private equity firm which will increase its stake in the merger and provide financial support to expedite the development of structure, processes and innovation in the broking firm.