PI insurance firms merge, launch new brokerage

Two firms that specialise in providing professional indemnity insurance to IFAs and fund managers have merged, creating a new player in the specialist financial institutions insurance brokerage market.

Former managing director of HFA Asset Management, Oscar Martinis, announced the launch of McDougall Kelly & Martinis following the merger of Absolute Risk Advisers and Consult Insurance Solutions.

Consult was awarded the Australia and New Zealand Institute of Insurance and Finance (ANZIIF) Small Broker of the Year title at this year's Australian Insurance Industry Awards.

"McDougall Kelly & Martinis is a merger between the three senior partners [of the] respective firms, all of whom specialised in providing professional indemnity and directors and officers liability insurance to IFAs, fund managers, hedge funds, listed investment companies, private equity firms and ASX-listed entities," Mr Martinis said.

"It made sense for us to merge and scale, transforming the specialist knowledge each partner brings to the firm – in over 25 years of insurance and investment management sector experience – into outcomes that matter for our clients, our staff and the financial services industry."

In 2013, Mr Martinis launched Smart Business Insurance, which offered a partnership approach to accountants and advisers.

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