Finsura acquires Hornsby-based R J Vaughan & Monaghan
Finsura Financial Services Group (Finsura), a member of the Austbrokers network in Castle Hill, has acquired Hornsby-based R J Vaughan & Monaghan (Vaughan & Monaghan).
Written on 10 August, 2021
Brisbane firm Austbrokers Comsure and Sydney-based WRI Insurance Brokers are merging to become the Austbrokers network’s fifth biggest broker.
“We share many synergies with WRI in our commitment to customer service, product expertise, and ability to provide risk management advice, particularly for hard-to-place risks,” said Austbrokers Comsure managing director Ian Garbutt, who believes both camps’ skills and strengths are a “perfect match”.
“Together we can capitalise on the advantages a larger entity brings to client service, insurer relationships, claims management, marketing, and meeting compliance requirements.”
Austbrokers Comsure – which got its current identity when Queensland companies Bestmark, Citycover, and Comsure combined in July 2020 – has been part of the Austbrokers network since 1995; WRI, since 2013.
Merging the two will mean a workforce of more than 70 people, clients in excess of 20,000, and annual gross written premium of $120 million. In a release, it was highlighted that the move will make Austbrokers Comsure the largest and most experienced motor dealership brokerage in the country.
Robert Moir, who founded Parramatta-headquartered WRI four decades ago, will become chief broking officer of the wider business. His staff, meanwhile, will remain in their roles while enjoying greater training and advancement opportunities.
“This is a natural fit for both organisations, creating a stronger merged entity,” commented Moir. “The WRI team and our valued clients will benefit from the reduced operating costs and economies of scale this brings to our operations.”
Delighted to welcome WRI to Austbrokers Comsure is chair Bruno Cullen, who looks forward to further growing the business.
Meanwhile AUB Group chief executive and managing director Mike Emmett had this to say: “We continue to work with Austbrokers members to accelerate their growth and scale so we can improve the quality and expertise available to our customers.
“We’re delighted by the merging of these very strong businesses to establish one of Austbrokers’ largest brokerages and Australia’s leading insurance adviser to the motor dealership industry.”
Insurance Business Australia | 10 August 2021 | Read article
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