Central Insurance Brokers has sold about half of its franchised teams.

The Perth-based company’s model involves broker teams that are typically part-owned by the business and part-owned by their team leaders.

Founding director Phillip Smith told insuranceNEWS.com.au the sales were prompted by a partnership approach from Steadfast last year.

He viewed a tie-up with the broker group to be a “no brainer”, but all team managers were allowed to assess their options and some decided to move on.

Two team leaders bought the remainder, or an increased share, of their teams and set up small businesses from home. Another bought two teams and moved to a Reliance Partners licence in South Perth.

Mr Smith says Central has a bright future.

“We have sold an asset and we are now cashflow-strong. Central has been trading since 1980 and we are in a solid and stable position. Change is good – it brings about many opportunities.”

Three broker teams remain and another will be added. Selling equity to Steadfast remains an option.

Mr Smith says he now has a chance to develop new and innovative business models that will create “the point of difference” in client services.