SA-based MGA Insurance Brokers is close to completing the purchase of Portfolio Planning Solutions (PPS), two years after buying 75% of the company.

The PPS managers and their support staff have already moved into MGA’s Adelaide head office, bringing with them a portfolio mix that Chairman John George says is “complementary to our focus on commercial business”.

“The partnership has brought a team of quality experienced brokers and assistants into our group complemented by some specialised facilities, including a wholesale nurses’ PI facility,” he told insuranceNEWS.com.au.

The new managers are working under the MGA “corporate authorised representatives” model.

“They contract to us for the management of a portfolio of business which we own,” Mr George said. “It gives them the opportunity to run a business within our business.”

The purchase of the remaining 25% of PPS will be completed this quarter.