A state’s industry peak body has taken full ownership of a professional indemnity insurance provider.
In a transaction finalised this week, The Real Estate Institute of NSW has purchased a minority share of Realcover Insurances Pty Limited, making it 100 per cent owner of the company.
REINSW president Malcolm Gunning said the decision to gain full control of Realcover was a “major step forward”.
“Following this purchase, we will continue to positively influence the PI market for not only NSW but also nationally,” Mr Gunning said.
“This is a very important move for REINSW and confirms that we are committed to ensuring that the profession is in the best shape to look after consumers with high levels of protection for the public.
“In 2013, after eight years of lobbying, mandatory professional indemnity insurance was introduced as part of licensing for all agents in NSW.
“This was a major achievement for the profession and by bringing Realcover under full control of REINSW, we hold the future in our hands,” he added.