Skip to content
22 May 2013
Austbrokers has bought Sydney-based financial services business The Taggart Group.
Taggart has around 6000 clients and writes general and life insurance as well as providing financial planning services.
The business employs 14 staff and was founded in 1987 by former high school deputy principal Jim Taggart.
He will stay with the firm and told insuranceNEWS.com.au he can see it growing under Austbrokers.
Dr Taggart says he has been looking at succession for some time, and that Austbrokers can accommodate the life and general insurance licences held by the group.
Austbrokers CEO Lach McKeough says Austbrokers Sydney and Austbrokers Financial Services will manage the business.
“The Taggart business will give us valued scale in our financial services business and provide additional skillsets to boost our overall client offerings,” he said.
Taggart Group was a long-term IBNA member.
Coincidentally, Michael d’Apice will take a shareholding in Austbrokers Financial Services, which he has managed since it was established in 2005.
“It’s just another way of ensuring that we maintain our owner-driver model within the businesses, and safeguard retention and growth of client bases for the future,” Mr McKeough said. “At the same time, we are pleased to be able to provide a great opportunity for our people.”
Meanwhile, Austbrokers has scored an upgraded “buy” recommendation from stockbroker Merrill Lynch, with a target price of $8 a share. It closed at $6.95 on Friday.
Analyst Thomas Cherian says the premium cycle is expected to continue to harden, boosting Austbrokers’ income.
He says rival broker group Steadfast will be focused on its internal consolidation and is less likely to become a more aggressive competitor for the same acquisition targets.
15 May 2013
Do you have excellent customer service skills, experience in the administration field and have general insurance knowledge? Then we are looking for you!
8 May 2013
Extremely strong aggregating brand I Warm referrals I Manage existing relationships
6 May 2013
Full-time position I Great team environment I Bring your knowledge and skills to a company who values expertise
29 April 2013
An exciting opportunity exists to join Willis at the Sydney practice as an Account Manager, providing risk management and insurance advice to a broad range of insolvency practitioner clients.
23 April 2013
We are seeking a dynamic individual to lead a team of 170+ employees, delivering exceptional claims services to a range of customers nationally, while maintaining a focus on service standards, efficiency and effectiveness.
23 April 2013
This position offers a pathway smf training for the right person seeking a rewarding career in a specialty field within general insurance broking.