MGA has expanded in Victoria, with the recent announcement of a joint venture with Sherbourne Insurance Brokers, based in the Victorian regional centre of Shepparton.
The venture will give MGA it’s seventh office in Victoria, with the Shepparton office being MGA’s 30th branch nationally. The company also opened a branch last year in Cambodia.
Shepparton is a well-developed regional centre, and an excellent area of future growth – something that will pay dividends over the next few years. Sherbourne currently specialises in rural, transport, earth moving and business insurance.
Managing Director of MGA Paul George explained how the expansion came about, specifically outlining the formation of the 50-50 joint venture between MGA and Sherbourne’s principal Sam Loughran.
“We have used this structure before to hep us expand and we know it works well for both parties,” Mr George said.
“MGA has a large regional and rural footprint across Australia with specific products aimed at farming and rural industry. Strategic acquisitions such as this help further strengthen our network.”
Currently, MGA has a large focus on regional products, and acquisitions only serve to further efforts in this area.
Mr Loughran outlined how MGA would provide Sherbourne with a greater underwriting presence in the region, and release many from the time consuming tasks often involved with compliance and training. These types of task can become significant consumers of employees time for brokers.
He went on to detail the sale process, and the future for the MGA brand. Mr Loughran also explained that Sherbourne Insurance would continue to operate ‘as usual’.
“MGA has handled this sale in a very professional manner and we look forward to further projecting their brand,” he said.