AUB Group has sold its 50% stake in risk management consultancy Risk Strategies back to director Peter Bishop.

AUB, formerly known as Austbrokers Holdings, bought the stake in August 2014 as it looked to build its risk services division.

But Mr Bishop told insuranceNEWS.com.au the arrangement “wasn’t working for either party”.

“I knew it would take 12 months to sell the proposition, but it was starting to look like it would take four or five years,” he said. “It was best that we go our separate ways.”

Mr Bishop says as a consequence four employees have left the business.

Head of business development Vivienne Toll moved to Arthur J Gallagher as Head of Workplace Risk, and three others went with her.

Mr Bishop says he is recruiting replacements.

AUB Group CEO and MD Mark Searles told insuranceNEWS.com.au the sale does not have any wider strategic implications.

“There was a difference of opinion about how the business should be run so we decided to sell it back,” he said.

“This is tiny in terms of the grand scheme of the group.”

Risk Strategies was established in 2005 and has offices in Melbourne, Sydney and Brisbane.