Austbrokers Comsure acquires Brisbane brokerage
Austbrokers Comsure has acquired CE McDonald Insurance Brokers, taking gross written premium (GWP) to more than $150 million a year.
AB Comsure MD Ian Garbutt says Brisbane-based CE McDonald, which lists car dealership insurance as a specialty, is an excellent fit because of its focus on motor vehicle distribution and allied industries – a key specialisation at both brokerages.
“There were obvious synergies and CE McDonald was already part of the Austbrokers network,” Mr Garbutt said. “Our history has been based on bringing together like-minded businesses with a passion for customer service. This has resulted in greater financial strength and increased market share.”
The acquisition creates opportunities for all employees to advance and enjoy additional employee benefits, he said.
“This is an exciting milestone for our business as we significantly bolster our motor dealership portfolio and skills. We’re always looking to grow,” Mr Garbutt said.
CE McDonald was established in the late 1960s. Its five-strong team will move to AB Comsure’s Springfield office next year, taking the staff number there to more than 70, and systems and processes will be integrated.
MD Jackie McDonald, who has more than four decades of experience in the insurance industry, says the union creates the single largest motor dealer insurance broker in Australia and the combined knowledge and experience “is a wonderful opportunity.”
Austbrokers Comsure, AUB’s largest Queensland brokerage, was formed in 2020 through the merger of Bestmark, Citycover and Comsure.
Two years ago, it was announced Austbrokers Comsure would join forces with Sydney-based WRI Insurance Brokers, creating a “broking powerhouse” with $120 million in combined annual GWP and more than 20,000 clients. The merged entity was the fifth-largest brokerage in the Austbrokers network.
CE McDonald joined the Austbrokers network, the broking arm of AUB Group, in 2003.