Melbourne smash repair businessman Tony Murdaca and motor racing legend Bob Jane have teamed up to form Bob Jane Integrity Insurance, which will initially specialise in motor cover.

The pair have big plans for the business, including a December listing on the Australian Securities Exchange (ASX), although this is still on the drawing board.

Mr Murdaca is the director of International Vehicle Integrity Centre, which styles itself as “the only independent and internationally accredited motor vehicle inspection centre in Australia”.

Mr Jane is the founder of tyre retailer Bob Jane T-Marts, although he is no longer associated with the business.

The partners are “in talks” with a Chinese insurer to take on the new venture’s underwriting risk, and are also holding meetings with prospective shareholders.

Suncorp, whose motor insurance brands include AAMI, GIO and Bingle, says it welcomes the new competitor.

“Suncorp believes competition in a well regulated market provides the best benefits for customers,” a spokesman told insuranceNEWS.com.au.

Mr Murdaca was not available for interview at the time of writing.