MGA Insurance Brokers and accountancy firm Bell Partners have launched a joint venture.

Andrew Faber from MGA’s Sydney branch will lead Bell Partners Insurance, which will add general insurance broking to Bell’s current services.

Mr Faber says the partnership stems from “a desire to create a new distribution channel that will allow us to grow our business and presence, particularly in the Sydney market”.

He says Bell Partners wants to grow from a traditional accountancy firm to a one-stop financial and business services provider.

“By having an in-house general insurance arm, it allows the client to have more of their needs met by one provider, as opposed to travelling all across town to deal with multiple suppliers,” Mr Faber told insuranceNEWS.com.au.

Formal partnerships between insurance brokers and accountancy firms are unusual but “there are plenty of informal referral relationships that are beneficial” for all parties, he says.

“This joint venture takes an existing referral relationship one step further.”