Sequoia confirmed the acquisition of Tag Insurance Brokers’ (TIB) books, its associated asset and independent premium funding company.
TIB, formed in 1996 by Darren Goodman, is currently generating over $1 million in brokerage per annum.
In addition, Sequoia has obtained a new general insurance ASFL that it said will allow SEQ General Insurance to “compete with other general insurance brokerages offering an authorised representative service in the same way our core business does in planning and broking services”.
Sequoia will retain TIB’s existing staff, while Mr Goodman will stay on as a consultant for a minimum of 15 months from the transfer date.
“The opportunity to acquire an established general insurance broking business with strong leadership, established client base and high-quality staff is an important component within our overall general insurance broking growth strategy,” group chief executive Garry Crole said.
“We recognise the general insurance marketplace is very competitive and we are really pleased to secure such a well-regarded mature and culturally-aligned business.”
It is expected that the transaction will take effect before the end of the month.
