Strategic Partners
Our Strategic Partners represent brokers on a wide variety of member issues, opportunities and challenges. Partners currently operating in the Australian market include Steadfast, Austbrokers, IBNA and Insurance Advisernet.
The Austbrokers Network was established 20 years ago to give individual insurance brokers the opportunity to enjoy the advantages of being part of a major group (strategic support, capital and scale benefits), while maintaining their independence. With a total turnover of over $700 million in general insurance premiums and over $32 million in new Life Risk and Accumulation premiums annually, the Austbrokers Network ranks within the top general insurance broking groups in Australia. QBE announced in February 2007 that it had acquired a 14.9% interest in Austbrokers Holdings Limited.
Insurance Advisernet Australia
Insurance Advisernet Australia (IAA) was formed in 1996 and is now one of Australia’s largest privately owned insurance brokerages. IAA is a registered General Insurance Broker (Financial Services Licence No. 240549) and a principal member of the National Insurance Brokers Association. Awarded the National Insurance Broking Association NSW Regional Broker of the Year in 2000, IAA currently has over $150m of premium under management.
Insurance Planners Pty Ltd was formed in 1984. Ten years later, the Insurance Brokers Network Australia Pty Ltd was created by combining all the former state groups into a national organisation. In 2004, IBNA broadened its business activities by acquiring an Australian Financial Services Licence (No. 277342) to engage in wholesale broking activities. A subsidiary company, IBNA Broking Pty Ltd, was formed to conduct activities and provide services such as:
- insurance facility management
- open market placements for property, casualty and professional risks insurance with Australian and international underwriters
- a placement facility for members' own PI and D&O insurance that gives efficient management of their professional liability insurance requirements, including claims management; education in risk management; premium savings and policy wording enhancements
- access to a distribution channel for builders' warranty insurance
- claims broking advice consultancy.
Steadfast is Australia's largest autonomous insurance broker cluster group, operating from more than 350 offices nationwide and generating in excess of $2.8 billion in general insurance premiums per annum. The main benefit of membership to a cluster group is the buying power and flexibility to negotiate with underwriters on tailored insurance product packages and policy wordings. Cluster groups also provide other vital tools to assist brokers in running their businesses more effectively and keeping up to date with industry trends and reform requirements.