Insight Australia Group came into being yesterday after changing its name from Insight Insurance Brokers Association.

The group has also changed its structure from a not-for-profit association to a limited liability company, with all its members acting as shareholders.

The change will not affect individual shareholders’ companies because they will retain their own corporate identities and control of their businesses.

Executive Officer Bill Friend says the group will still focus on services such as education for members.

“The major impact in the change of structure comes from the fact that the shareholders will now be able to share in any profits the company makes from services and agreements,” he said.

The group represents 50 brokerages from around the country, and Mr Friend says that number is growing rapidly. “We currently have another three membership applications going through the review process.”