On the move: Insurance Brands Australia buys Victorian brokers
Insurance Brands Australia is rapidly growing its regional presence in Victoria, acquiring Bendigo-based Aus Insurance Services and Mattiske & Henderson in Hamilton for undisclosed amounts.
The two brokerages are former authorised partners of the Steadfast-owned business, the parent company of Insurance House and other intermediaries with a combined $438 million in annual gross written premium.
“We’ve got our eyes on other opportunities there at the moment. It’s part of our ongoing strategy,” Insurance House Broking General Manager Scott Leis said, after the deal for Aus Insurance Services was announced.
Aus Insurance Services has an SME-dominated portfolio of clients in Bendigo, a regional city in the north-western region of Victoria. Managing Director Jarrod Nelson is now an integral part of the Insurance House Bendigo Team, continuing to support existing and new clients in regional Victoria.
“Strategically it’s an important investment for us. It adds to our business there, giving us some really good scale,” Mr Leis said.
“We remain fully committed to Bendigo, and I am proud that we continue our legacy of supporting our clients and communities across regional Australia.”
Mattiske & Henderson, in business for more than 50 years focusing on rural clients, provides a range of insurance solutions across business, farm, personal and professional lines.
It says the ownership change marks a “great new chapter” for the brokerage as it works to expand in western Victoria.
“We look forward to the future ahead,” Principal Scott McDonald said.
As part of Insurance Brands Australia, the two Victorian brokerages will have access to a broader range of products, competitively negotiated premiums and innovative risk management solutions.
‘Green shoots’: AMA welcomes new pricing agreements
Crash repairer AMA Group says green shoots are emerging amid a bumpy fiscal first half, as new pricing agreements take effect in a transition year for the company.
AMA CEO Carl Bizon told the annual general meeting in November that agreed new pricing was introduced across the network in the first quarter, after insurer partners were approached late in the previous financial year.
“These pricing negotiations were generally constructive and positive, and resulted in an ongoing commitment between AMA Group and our insurer partners to regularly engage in price discussions through these times of heightened cost inflation,” Mr Bizon said.
The company last month also announced an agreement with its largest customer Suncorp for pricing for services provided by Capital Smart for the period from October 1 to June 30 next year.
Key operational priorities for this year include progressing a parts and procurement strategy, revenue growth and diversification and pursuit of opportunities in Advanced Driver Assistance Systems.
AMA affirmed guidance for earnings before interest, tax, depreciation and amortisation of $70-90 million this fiscal year and $120-140 million next year.