LMI Group has acquired a stake in Brisbane training provider the Financial Services School (FSS).

As revealed in our Breaking News report, the move marks LMI’s first formal foray into the insurance education market. It already offers specialist training courses and workshops in areas such as business interruption, risk management and industrial special risks, but unlike FSS’ certificates and diplomas in broking, these are not nationally recognised qualification courses.

The buy-in to FSS, a registered training organisation (RTO), formalises LMI’s entry to the national market for vocational insurance education and training.

LMI’s Brisbane-based Chief Knowledge Officer Carl Greenhalgh says it is a “natural transition” for the Melbourne-based loss and risk services group, started by industry doyen Allan Manning in 1999.

“We already do a multitude of training on behalf of RTOs,” he told insuranceNEWS.com.au.

“This joint venture, essentially an amalgamation of the education resources of LMI and FSS, formalises our move into education.”

Mr Greenhalgh says there will be “a direct focus on blending continued professional development programs with qualification courses”.

FSS founder and CEO Val Phinn says having LMI as a partner will allow her business to expand beyond Queensland and broaden its offering to “other aspects of the insurance industry”.

“Our focus previously has been on education, not marketing,” she told insuranceNEWS.com.au. “LMI brings to the table a wonderful support network and the considerable profile and reputation of Allan Manning, which will help us expand and grow our business.”

Ms Phinn says there will be no immediate change to course content, but LMI resources – such as its vast “e-library”, online tools, specialist publications and video materials – will be integrated.

Neither FSS nor LMI will disclose details of the transaction, revealing only that LMI has taken a “minority” stake in the school.

They told insuranceNEWS.com.au LMI intends to fully acquire FSS “over a period of time”.

“It will be a progressive transition as we see how it all melds together,” Ms Phinn told insuranceNEWS.com.au.

Ms Phinn will remain CEO and Mr Greenhalgh will “co-ordinate and facilitate” the transfer of LMI resources to the school.

FSS and LMI have been in talks about the joint venture “since September, perhaps earlier”, Ms Phinn says. She says she and Professor Manning share “common ideals about education in the insurance industry and a drive and passion to improve the current training framework”.

Last August Ms Phinn spearheaded the formation of an industry-based committee to push for changes to nationally accredited broking qualification courses.

Mr Greenhalgh, representing LMI, was a foundation member of the committee.