MBS Insurance (MBS) has acquired a minority interest in Sydney-based Orbital Life.
Under the agreement, Orbital Life will use MBS’s infrastructure, its bespoke Salesforce client-database platform, and business support team, spanning compliance, paraplanning and claims management. It will also join MBS’s AFSL and Advice Licence.
Drew Burden, MBS partner and joint CEO, said: “There is a huge market to serve but we can’t do it alone, and we’re better together than working in isolation.”
He said MBS will grow by “bringing on new advisers, training and mentoring professional year candidates, and establishing joint venture relationships with advice firms”.
Nick Fanto, founder and MD, Orbital Life, said he plans to expand the business over the next two-to-three years by recruiting and developing advisers, and driving operational and cost efficiencies.
Established in 2018 Orbital Life has nine employees, including two risk advisers and a provisional adviser. The group has more than $15m of in-force premiums.
