Risk advice businesses MBS Insurance and Complete Risk Analysis (CRA) have merged as they enter a ‘new era for professional advice’, creating one of the industry’s largest risk insurance advisory businesses.
Sydney-based MBS and CRA, who were based in Melbourne, said they were confident the merged expertise, increased scale and improved efficiencies would be positive for the newly-combined businesses.
The combined risk advisory business would have approximately $55 million in premiums under management, 18 authorised financial advisers and 40 administrative staff members.
Initially the two businesses would operate under their own brands from their respective offices whilst a new corporate identity and image was developed but would be guided by a common board of directors.
The new brand and identity were expected to be announced before the end of the year.
MBS co-partners Kris Mason and Drew Burden, and CRA founding partner Glenn Kerr said: “The merger has brought two specialist businesses together with common values, cultures and a shared commitment to put clients first.
“Putting MBS and CRA together makes us far larger, gives us better scale and will deliver better benefits and reassurance to clients.”
In addition, the group has 10 formalised joint ventures and the opportunity to expand this via further strategic alliances and joint venture partnerships in the future.