Sydney-based financial services provider Paragem Partners has acquired Zurich Australia’s licensee support service business, Zurich Solutions, which trades as DBOS.

DBOS provides service support in compliance, para-planning, software support, technical services and practice management to nearly 200 Australian financial services licensees, representing about 500 financial planners and 100 insurance brokers.

The acquisition is the second in as many months by Paragem Partners, which purchased Tribeca’s compliance arm in June.

MD Ian Knox says the Zurich purchase makes his company one of the largest independently owned licensee support service groups in Australia.

“Governance and compliance are key areas of regulatory reform and if well managed, offer competitive advantage in the world of financial services,” Mr Knox said.

Zurich Australia CEO Tom Brown says the sale of DBOS enables the insurer to focus on its core lines of business – general insurance, life risk, investments, and platforms – while ensuring its intermediary partners receive continuity of service.

The sale will take effect from August 31.