AEI Insurance Broking has acquired AB Phillips, creating one of the largest retail broking businesses in AUB Group.

The combined business will have more than $350 million gross written premium and operate from Sydney, Brisbane, Melbourne, Canberra, Perth and Broome.

“This collaboration and the integration of AEI and AB Phillips is an excellent development which will bring strong benefits to the teams and clients of both businesses,” AUB Group CEO Mike Emmett said.

“Today’s announcement continues the exciting strategic growth of AEI following the recent acquisitions of Austbrokers Canberra, BusInsure and the buildout of the AEI Melbourne operation.”

AEI CEO and MD Noel Kelly will lead the combined entity and AB Phillips CEO Troy Mansell will have an ongoing senior operations role and become a shareholder in AEI, along with AB Phillips directors Mark Van Der Haar and David Keys.

Mr Van Der Haar will also join the AEI board, alongside Mr Emmett and AUB chief broking officer Ben Bessell, working with AEI executive chair Tim Wedlock and fellow director Michael Donaldson.

The combined business will have more than 200 employees.

“This is a defining moment for our company, and we are proud to begin working with the AB Phillips team, another strong partner within the Austbrokers network,” Mr Kelly said.

“It significantly enhances our ability to deliver client-centric solutions, expands our speciality lines, and positions AEI for sustained growth in a highly competitive market.”

Initially, there will be no change to the AB Phillips brand and it will continue to operate under its current financial services licence.

The resulting group will target industries including transport and logistics, civil construction including pool and spa, manufacturing, hospitality, height safety, accounting and other professional services sectors. It will leverage its significant scale to expand and develop new facilities and products.

Mr Mansell says both brokerages are highly regarded by clients and insurer partners for their risk management approach, and by adding AB Phillips’ operational strengths, AEI is positioned to become a “true powerhouse” in insurance broking.  

The transaction takes effect from July 1.