Following a turbulent year for Rural & General Insurance Broking (R&GIB), MD Warren Wells has quit the brokerage and is looking for more insurance opportunities.

R&GIB – which attracted Australian Securities and Investments Commission (ASIC) attention last year over links with the Vanuatu-based unauthorised foreign insurer (UFI) Rural & General International Insurance – lost Mr Wells over what he describes as “continual management disagreements”.

But the group’s new MD, Aaron Stephenson, has a different explanation, saying Mr Wells’ departure was simply about credentials.

“Warren is a solicitor and did not hold a Diploma in Financial Services (Insurance Broking),” Mr Stephenson told Sunrise Exchange News. Under the Financial Services Reform Act, the diploma is required for the brokerage’s principal.

Mr Wells says he won’t give up his fight to offer brokers affordable offshore options. He says that although he’s in talks with another UFI, he will only deal with offshore companies with similar regulatory requirements to Australia.

“Unless we have offshore insurers, the Australian market will collapse,” he said. “If Australian insurers won’t offer cover, brokers need other options.”

Despite market changes, Mr Wells doesn’t think the situation will improve soon. He says that until then ASIC should be more aware of brokers’ needs to obtain cover offshore.