Blue Broking, the Brisbane-based brokerage part-owned by SRS Underwriting, will continue to operate as a separate business following the acquisition of SRS by global intermediary Arthur J Gallagher.

Blue Broking CEO Richard Smith confirmed to insuranceNEWS.com.au that Blue Broking, which was formed in 2005 and has offices in Melbourne, Sydney, Perth and Townsville, does not form part of the deal.

To facilitate the SRS transaction, Blue Broking has been acquired out of the insSync Group by a newly formed holding company, Blue Holdings Pty Ltd.

Mr Smith, who has a stake in Blue Broking with other private investors, described the change as a “significant milestone” for the business.

“We are now a stand-alone business from an ownership perspective,” he said. “The business will continue to operate as before and there are no changes to the executive management team or personnel involved in the business. We remain privately owned.”

Blue Broking, which joined Steadfast earlier this year after switching from IBNA, also operates Blue Insolvency.