A legal dispute between two Brisbane insurance brokerages has been settled, with one of the parties agreeing to close and transfer all its business to its rival.

PI Direct GM Ian Jones advised last week that Australian Professional Risks Brokers (APR) will “cease carrying on business” from June 1. APR will then only collect premiums placed by its clients before May 31.

PI Direct will take over all the APR business, including renewals and claims.

A press release issued last week by PI Direct says the company “will not be purchasing the company itself, nor will it be employing the current staff of APR”.

The release was co-signed by APR CEO Matthew McPhee, who was the GM of PI Direct until October 2005, when he left and set up his own company.

It’s understood the winding-up of APR follows lengthy action between the two companies in the Queensland Supreme Court.

The matter was first heard by the court in April and was to resume in the next few days. However, it was settled between the parties prior to resumption.