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22 January 2021
Nexus Risk Services will join Insurance Advisernet under an arrangement agreed by the two Austbroker equity partners.
The deal is in line with AUB Group’s strategy to consolidate businesses in the Austbrokers network and will see Insurance Advisernet joint-equity vehicle IA Equity Partners take over AUB’s stake in Nexus.
The brokerage, founded in WA about 40 years ago, will begin trading as Nexus Advisernet, from July 1, with new authorised representative relationships established with Insurance Advisernet.
Nexus has more than 60 employees and representatives, some 6000 clients and places more than $80 million in premium through offices in Perth, Bunbury, Geraldton, Albany, Katanning, Melbourne and Sydney.
MD Mark Patterson, who bought into his father’s broking firm in 1986, says he has been looking at options for the business, where he has worked “with a team of very loyal and professional people” as it has expanded.
“The best outcome for me personally is to see our people be provided with the opportunity to take some equity in the future of the business,” he said.
“The Nexus Advisernet model facilitates that, while at the same time providing a compelling case for our customers.”
Mr Patterson and Mike Scala will continue to lead Nexus Advisernet as part of their commitment to the venture’s long-term success.
Insurance Advisernet Founder and Chairman Ian Carr says the deal marks the first investment by IA Equity Partners and the arrangement with highly regarded Nexus will bring immediate benefits.
“By adding Nexus Advisernet to our already extensive distribution network we will exceed 260 practices and $1 billion of GWP throughout Australia and New Zealand in 2021,” he said.