Cornerstone Risk Group says its acquisition of SureFinity Insurance Brokers will provide the business with an immediate capability to offer solutions for clients in “niche” industries including leisure, amusement and entertainment.

The Resilium-backed business closed the acquisition last week but declined to provide financial details of the deal at this point in time, citing contractual constraints.

SureFinity is now an authorised representative (AR) of Resilium Insurance Broking, its website says.

“SureFinity is a fantastic business and we were very attracted to its scale in a niche industry,” Cornerstone Risk Group Director Scott Mitchell told insuranceNEWS.com.au.

He says the acquisition gives the business an immediate entry into another segment of the market.

“We have clients that do just about everything and across most industries,” Mr Mitchell said.

“SureFinity’s clients and the team’s expertise is in that niche insurance space and it’s a market that Cornerstone has really wanted to reach.

“This acquisition allows us to do just that and expand our insurance offering in a market where there is so much opportunity.”

SureFinity Insurance Brokers services clients in every capital city and throughout regional Australia. It has a particular interest in identifying and addressing the total risk exposures within the leisure, amusement, recreation, sport, entertainment, franchise, hospitality and recreational industries.

Mr Mitchell says there will be no change to the business, apart from the SureFinity team now joining a larger group with access to the connections and relationships that Cornerstone has built over the years.

“Thanks to the continued support and backing of Resilium Partners, we’ve been able to offer SureFinity a flexible M&A approach which means that their team can move seamlessly into our business and with no impact on the end customer,” Mr Mitchell said.

Resilium Partners last year acquired a controlling interest in Cornerstone, which is an AR of Resilium Insurance Broking.