Leading specialty risk advice businesses MBS Insurance & Complete Risk Analysis join forces
By: MBS Insurance
In a market that proclaims a future of challenges for insurance, Sydney headquartered MBS and Melbourne based CRA are confident that benefits of merged expertise, scale and improved efficiencies will be the foundation for new business growth underpinned by a compelling marketplace and client service offering.
Commenting on the announcement, MBS partners Kris Mason and Drew Burden, together with CRA partner Glenn Kerr said the new merged entity will make the company one of the industry's largest risk insurance advisory firms.
"In combining the firms that are leaders in personal / business risk protection, expert risk advice and ongoing support – the merger has brought two specialist businesses together with common values, cultures and a shared commitment to put clients first," they said.
"Putting MBS and CRA together makes us far larger, gives us better scale and will deliver better benefits and reassurance to clients".
In contrast to the gloom, it also reaffirms that there is a future for risk insurance advice and advisory businesses.
Risk insurance clients want to deal with specialists that have deep knowledge, expertise and experience. They also demand reassurance and comfort that the advisory business will be operating successfully to support their long-term protection needs and strategies.
From that perspective, the combination of MBS and CRA addresses those two key issues.
The combined risk advisory business will have approximately $55 million in premiums under management, 18 authorised financial advisers and 40 administrative staff members.Two new equity partners have also been confirmed. CRA insurance adviser Nicholas Brian and MBS general manager Carolyn Clark.
In addition, the group has 10 formalised JVs. The opportunity to expand this offering via further strategic alliances and JV partnerships is regarded as a key driver of future business growth.
Initially the two businesses will operate under their own brands whilst a new corporate identity and image is developed. In addition, they will continue to operate from their respective offices, run by their own management but guided by a common board of directors.
The new brand is expected to be announced before the end of the year.
"Looking to the future, we will continue to provide our clients and JV partners the highest standards of professional financial advice, service and support. However, the main benefit is that the merger will enhance our national presence and footprint", said Burden.
Issued jointly by MBS Insurance & Complete Risk Analysis Pty Ltd
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