Perth-based broking firm Elliott Insurance Brokers has acquired The Accord Insurance Brokers Group for up to $2 million.
The acquisition will increase Elliott Insurances’ staff numbers immediately by four and later by another two, taking its total to 13 staff.
Accord director Desmond Beazley, who originally established the group in the 1990’s, will stay with the company for the next two years.
Elliott Insurance Brokers managing director John Elliott told WA Business News the acquisition price had a fixed component and an earn-out that would be tied to future performance.
He said Accord had a large book of rural clients that his company wanted to add to its client base along with people in the mining and commercial sectors.
He said he hopes to bring elements of the company’s e-commerce broking and other on-line services to the group’s new clients.
“Over the last three years we have developed a suite of on-line products and services not offered by any other broker in Australia and we hope this acquisition will be able to bring those services to our rapidly increasing client base,” Mr Elliott said.
The purchase is Elliott Insurance’s second acquisition in three years.
Elliott Insurance business development manager Tim Cooper said the latest acquisition gave the company an elevated standing in the Perth insurance industry and would create benefits for both the company and its clients.
As part of the arrangement Elliott Insurance will also pick up the authorised representative business of Peter Jones who will join the company board for two years to ensure a smooth transition period.
The services for both companies will move to Elliott Insurance’s East Perth premises on August 1.