Sydney broker Derek Beresford is avoiding the regulatory mayhem surrounding his colleagues by selling his operation to Melbourne-based OAMPS. He is the 16th broker to sell to the acquisitive insurer since July last year.

The deal will bring an additional 250 clients and $1 million of annual insurance premium to OAMPS. The company said the 16 acquisitions over the past eight months have increased the consolidated annual insurance premiums of OAMPS by more than $45 million and added more than 18,000 additional clients.

Mr Beresford began his company in 1991, focusing on providing the SME market in Sydney and the ACT. He said the FSRA and other regulations “could distract [us] from the most important element of our business – quality service and products for our clients”.

OAMPS CEO Tony Robinson says demands on brokers are high. “They need the resources that OAMPS can provide, allowing them to concentrate on taking care of their clients.”