Insurance Australia : IAG to acquire Westcourt General Insurance Brokers

The acquisition of WGIB will strengthen IAG's presence in the growing Broker AR market, and over time it will be integrated into IAG's existing AR business, National Adviser Services (NAS), making the combined businesses number one in this market.

IAG Chief Executive Australian Business Division, Ben Bessell said WGIB is a compelling strategic fit for IAG.

'The AR segment is one of the most rapidly growing segments in the broader broker market so it makes sense to look for ways to grow and enhance our existing offering,' Mr Bessell said.

'It's also an opportunity for IAG to integrate two very successful and complementary businesses and provide a compelling value proposition to the AR networks and customers who value advice.

'As a business, it's important to continue to look for ways to respond to changing customer needs and this is a great example of doing just that,' Mr Bessell concluded.

WGIB Director and co-owner, Jeff Hollands will continue to lead WGIB, while Director and co-owner Tremayne West has declined the opportunity to participate in the new company and has decided to leave the business to pursue other business opportunities, effective immediately.

About WGIB and NAS

WGIB has a primarily metropolitan footprint and NAS is among the largest rural and regional general insurance brokers in Australia.

Both businesses have featured prominently in insurance broking awards over recent years, at an individual broker and network level.

Bringing together both NAS and WGIB will enable leveraging of investment and scalability within broking services, relationships, technology, marketing and succession planning.

This acquisition is a significant opportunity for both NAS and WGIB, providing an opportunity to combine the 'best of both' businesses to create value for the respective AR networks.