Insurance News
ACIL buys MDB, plans more
12 August 2008
THE LATEST Melbourne buy by Australian Consolidated Insurance is a signal for the West Australian based conglomerate to expand further its underwriting agencies before the end of the year.
ACIL completed the acquisition of a Melbourne based insurance broking portfolio operating under the brand MDB Insurance Solutions during June and in July this firm commenced operations out of ACI's Melbourne office.
This latest expansion in the eastern states paves the way for ACIL, the holding company to launch a new underwriting agency group in October.
It already has two brands - Aurora Underwriting Agency Pty Ltd and CEMAC Pty Ltd that are being used by brokers.
“The impetus behind our 2009 financial year growth and development objectives was the recruitment of Phil Hawkes, who is well-known in the industry in Australia and overseas,” said ACIL managing director Wayne Miller.
“We will be adding Lloyd’s facilities and Phillip will be behind the launching of some binders around Australia following our tribunalisation at Lloyd’s which is expected to be ratified within a month,” he said.
In the most recent Melbourne acquisition of MDB ACIL has entered the human resources industry.
Mr Miller said: “The founding broking executive of MDB Caryn Cramp has carved out a niche over the past 6 years specialising in services and products for the recruitment industry.
“Caryn joins our senior broking executive team in our Melbourne office of ACI Broking (Vic) Pty Ltd.
“Caryn’s former founding partner and recruitment industry business consultant Nigel Harse will work in an advisory capacity to our group.”
Mr Miller said another facility for the use of insurance brokers would be Consolidated Risk Management Pty Ltd under management of John Jones, who was formerly with Marsh.
"This adds to our broker clients broad based risk management expertise usually only available to the internationals. We will ensure John's services are priced competitively".
He said so far ACIL has 7 Australian Financial Services Licences covering the 20 companies within the group.