Insurance broking network OAMPS says there’s no truth to the rumour that it’s up for sale, and it’s intent on focusing on organic growth rather than disappearing during the next 12 months.

The Australian Financial Review published a breathless speculative piece yesterday saying OAMPS may be looking to sell after the announcement that long-serving non-executive directors Colin Cowden and Hugh Robertson won’t be seeking re-election at the company’s October annual general meeting.

The newspaper also said that the group’s slowing pace of brokerage acquisitions might also indicate that it’s looking for a change in direction, and listed QBE, Promina and international brokers Marsh and Aon as potential buyers.

But OAMPS Group CEO Tony Robinson told Sunrise Exchange News there is “definitely no truth to the rumours”.

“The changes to the board were just a case of it being the right time and the right place for the directors to leave,” he said. “There’s nothing sinister in that.”

He says the reason OAMPS hasn’t been as acquisitive as in the recent past is all about now being “an appropriate time to consolidate the existing business”.

“We are now focusing on the organic growth of the company,” he said.

Like most industry players OAMPS’ forecast profit growth for this financial year is less than it was for the last financial year (5-10% compared to 10-15%).