Austbrokers has acquired a 50% stake in risk management consultancy Risk Strategies, completing a second services acquisition for the cluster group’s insurance and risk services division.

Risk Strategies was established in 2005 and has offices in Melbourne, Sydney and Brisbane. It specialises in workplace health and safety, workers’ compensation, self-insurance and environmental management, with clients including logistics group DHL and mining services business Leighton Holdings.

Austbrokers MD and CEO Mark Searles says the acquisition follows a deal in February for 50% of Procare Group, which provides full-service workers’ compensation and insurance support services. 

“This is an area we want to focus on going forward,” he told insuranceNEWS.com.au.

“These are complementary businesses to both our underwriting and our broking distribution areas, and help to diversify the whole group to be less reliant on the insurance cycle, by providing complementary services.”

The acquisition of a services company is unusual for Austbrokers, which normally concentrates on brokerages and underwriting agencies. 

Mr Searles says Risk Strategies gives Austbrokers’ partners and clients access to specialist risk services including injury management, investigations, staff training and claims management support. 

In line with the “owner-driver” model, Risk Strategies’ current owners will retain day-to-day management. 

Risk Strategies director Peter Bishop says it will be business as usual, but with the added bonus of cross-selling opportunities, a strong national network, listed company backing and enhanced operational and administrative functions.

It is the third acquisition by Austbrokers in the past few weeks. Late last month it bought 50% of Nexus Risk Services, one of WA’s largest brokers, and a majority share in specialist underwriting agency Asia Mideast Insurance and Reinsurance.

Austbrokers will announce full-year results on Thursday.