Austbrokers celebrates 30 years in insurance

Austbrokers Holdings Limited (ASX:AUB), along with more than 350 guests marked its 30 year anniversary since being established and 10 years as a listed entity with a celebration at the Ivy Ballroom in Sydney on Tuesday 20 October.

30 years on, Austbrokers has grown from a one partner business and four locations to the international Insurance Broking, Specialist Underwriting and Risk Services group it is today, with more than $2.5 Billion of gross written premium, over $310 million invested in 75 partner businesses across 310 locations.

Check out a short video with some of the highlights over the past 30 years

“We were pleased to be able to come together with so many of our Austbrokers family and our industry friends to mark this momentous occasion,” said CEO and Managing Director Mark Searles. “This achievement wouldn’t be possible without the hard work and support of our partners and clients over the years.”

The key to Austbrokers’ success
CEO and Managing Director Mark Searles commented that the ‘secret’ of Austbrokers’ success has to be attributed to Austbrokers’ unique owner-driver partnership business model. “Our partner businesses have skin in the game, everyone remains focussed and committed to growth. The result is clearly demonstrated by the sustained growth we’ve enjoyed year on year”.

“With 30 years of experience in establishing mutually beneficial partnerships, the Austbrokers owner-driver model has, over time, clearly proved to be highly resilient – we have to thank the capability and professionalism of our partners, which has enabled us to grow and will continue to do so for the future.”

Strong leadership a constant for Austbrokers
For its 30 year duration, Austbrokers Holdings has been led by two Managing Directors: Lachlan McKeough, who led the business from 1985 until end 2012 when current CEO and Managing Director Mark Searles took the reins. Both leaders attended the anniversary celebrations.

Also in attendance was Richard Longes, the Austbrokers Holdings Chairman since it listed on the ASX in 2005, during which time the business delivered 10 consecutive years of profit growth. Longes oversaw Austbrokers’ float as a $100 million company and its acquisition-led growth strategy to a Company worth in excess of $500 million.

Richard was joined by current Board colleagues including David Clarke who will take the helm as Chairman after the Annual General Meeting, as well as incoming Non-Executive Director Paul Lahiff, who joined the Board at the beginning of October.

The next 30 years – focussing on a client orientated total risk approach
Over the last couple of years, Austbrokers began implementing its ‘total risk solutions’ approach, not only to mitigate the effects of the insurance cycle but to also confirm its position Australasia’s leading insurance and risk management specialists group serving the needs of its partners’ clients.

“What sets us apart and positions us well for the coming years is our strategic approach that is also helping to diversify our income generation. Not only did we expand our business internationally into New Zealand but organic growth in Underwriting Agencies and investments in Risk Services businesses has meant contribution from non-broking areas has grown in the last three years alone from 12% to 23%.

“Our 30 year anniversary is a wonderful milestone to celebrate and reflect on how far we’ve come. Equally, we’re more excited than ever about the future and the possibilities it presents,” adds Mr Searles.

Celebrating by giving more than just a party
On top of the reminiscing and festivities marking the occasion enjoyed by the assembled guests, Austbrokers Holdings also used the event as an opportunity to raise money for the Children’s Cancer Institute of Australia.

Through donations and raffle ticket sales, Austbrokers Holdings and its 30th anniversary attendees helped to raise more than $12,000 for this worthy cause.

About Children’s Cancer Institute
Every year 950 Australian children and adolescents will be diagnosed with cancer. Every week nearly three Australian children and adolescents will die of cancer. Children’s Cancer Institute’s vision is to save the lives of all children with cancer and eliminate their suffering.
Medical research has helped to make that huge difference (60 years ago cancer was nearly always a death sentence for a child, now eight out of 10 children survive), but it doesn’t come cheap. That’s why Austbrokers Holdings was pleased to make part of its 30th anniversary celebration about giving back.

“We know that we wouldn’t be the organisation we are today without the support of our communities right across Australia. Our staff and our partners are some of the most generous people I’ve ever met, giving their time and money to help those in need.  Getting involved and giving back to communities is something Austbrokers intends to ramp up further as a Group,” said Mr Searles.

Photos from the event