Two practices specialising in risk will merge to become an advisory business with about $55 million in premiums under management.
MBS Insurance (MBS) and Complete Risk Analysis (CRA) will join forces in a bid to increase scale and improve efficiencies.
The newly merged entity will become one of the industry's largest risk insurance advisory businesses, the two firms said, adding that the firms share common values, cultures and a commitment to put clients first.
CRA specialises in income and wealth protection, while MBS focuses on personal and business risk protection.
The combined entity will have 18 authorised financial advisers and 40 administrative staff members.
The two firms will initially operate under their own brands until a new corporate identity and image is developed by the end of 2019.
In the meantime, Sydney-based MBS and Melbourne-based CRA will continue to operate in their respective locations under the guide of current management and board of directors. The group also has 10 joint ventures in place.
Early last year, MBS formed a joint venture with HLB Mann Judd to deliver personal risk protection strategies for individuals, SMSFs and business clients. Two years earlier, it joined forces with Pitcher Partners.
"The opportunity to expand this offering via further strategic alliances and JV partnerships is regarded as a key driver of future business growth," MBS co-partner Drew Burden said.
"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."
In light of the merger, CRA insurance adviser Nicholas Brian and MBS general manager Carolyn Clark will become new equity partners.