Silvalake acquires general broker

Financial services group Silvalake is to acquire a general insurance broker for its Western Australia office, as the push for increased services continues.

Perth based Mike Conway & Associates will become an integrated division of the Western Australia Silvalake offices from early July, providing a general insurance referral facility for the clients of its WA-based advisers.

The Silvalake group has nearly 100 advisers nationally and offices in Queensland and Western Australia. While the Queensland office established its own general insurance division, Silvalake managing director Andrew Clark says the acquisition for the Perth office is focused on adding services for advisers efficiently.

“We wanted to fast track into general insurance in Western Australia,” he says.

“The group is focused on the mass market and offering a complete service to our clients and to do this you need general insurance people on the ground.”

The Silvalake Perth office has been looking for an acquisition opportunity for the past six months and holding negotiations with Mike Conway & Associates for the past three. Clark was not disclosing details of the deal but says Silvalake is happy with the terms.

He says the group has plans for general insurance acquisitions and a similar referral network in both New South Wales and Victoria, but needs to set up regional offices in Sydney and Melbourne first.

“We hope to have this set up and established in six to 12 months,” he says.

The division will be known as Silvalake General Insurance Services and will be added to the group’s existing Silvalake Financial Services, Silvalake Life Insurance Brokers, Silvalake Flexi Finance and Silvalake Financial Planners businesses.