A group of investors led by PI Direct chief executive Michael Wood and chairman Andrew Wallas have bought the similarly named but unrelated PI Direct Insurance Brokers, based in Brisbane, Queensland.
PI Direct Insurance is in the top three of the largest specialty professional indemnity brokers in Australia.
It places about AU$30 million of premium into facilities with several leading Australian and London market insurers.
The acquisition is being made by the investors in a personal capacity, rather than involving PI Direct, and is for an undisclosed sum.
Wood said: "I will remain focused on building the PI Direct Group here in the UK but at the same time, with the assistance of a very strong team in Brisbane, I am planning to spend a certain proportion of my time there, assisting the growth of that business.
"Given that there is a large amount of income placed into the London market, my presence here will be beneficial for the Brisbane company.”