Melbourne-based stockbroker Austock has started up an insurance broking arm to sell professional indemnity (PI) insurance to fellow stockbrokers.

Austock Insurance Brokers MD Peter Mitchell, who has worked for a number of major players in the international broking market, was originally Austock’s broker but says he saw the opportunity to better tailor stockbrokers’ PI cover.

He told Sunrise Exchange News the company decided to offer stockbrokers PI cover in a tough market. “There weren’t really any packages tailored specifically to the needs of stockbrokers – so that’s what we’ve done.”

Mr Mitchell says the group, which has access to the London underwriting markets, has so far had a positive response.