Southport-based Wymark Insurance Brokers and Surfers Paradise-based Sirius Risk Services have merged to create Wymark Sirius Insurance Brokers.

The new business will be owned and run equally by its three directors, Phil Jarvis from Wymark and Craig Wardle and Phil Sholl from Sirius.

As part of the merger, former Wymark director and owner Craig Martin has retired.

Mr Jarvis told insuranceNEWS.com.au all staff will be retained and the new business is looking for acquisitions.

The company also has offices in Darwin and Wollongong, and authorised representatives in country Victoria.

Mr Jarvis says the businesses’ principals began talking about a merger in 2007, but the decision of Mr Martin to retire “crystallised the situation”. 

“We’re two brokerages of similar culture and it’s long been thought we’d be a natural mix,” Mr Jarvis said.

The new business will be a member of the Insurance Brokers Network Australia (IBNA), with Sirius relinquishing its Steadfast membership.

Mr Jarvis says Wymark Sirius is aiming to write premium income of $28-29 million by June 30, 2012, which would put it among the largest privately owned brokers on the Gold Coast.