The Ardonagh Group, the UK's largest independent insurance distribution platform, announces that it has completed its acquisition of Australian insurance firm Envest PTY Ltd (“Envest”).
Headquartered in Brisbane, Queensland, Envest is an independent and privately owned insurance investment and distribution business focusing on brokers, agencies, and insurtechs. It has a diverse portfolio of financial services businesses, a network of national offices, and a workforce of more than 550 employees.
As part of the agreement, Ardonagh will acquire Envest for AU$482 million (£270 million), funded with a combination of equity and debt. The deal also includes the acquisition of Envest's Aviso Group, a network of broking offices across five states managing around AU$405 million in gross written premiums (GWP), and 10 established MGAs operating directly to consumers and intermediated.
The businesses acquired as part of Envest Group include a national network of insurance brokers operating under the Aviso brand, three direct to consumer insurance brands and eight intermediated agencies. These include Allstate Underwriting and Blue Zebra Insurance.
The combined portfolio has over 550 employees, writes more than AU$800 million in premium and Envest reported AU$60 million (£43 million) in consolidated revenue for the financial year 30 June 2022.
Managing Director Greg Mullins will continue to lead Envest, operating as part of Ardonagh Global Partners.
Ardonagh’s other Australian assets, Resilium Insurance Broking and Epsilon Underwriting, will sit under the company umbrella of Envest, operating as normal and continuing to be led by their current management teams.
Adrian Kitchin, Chief Executive Officer at Ethos Broking Australia, and Executive Director of Resilium will become part of the executive team within Envest. Paul Lynam will continue in his role as Non-Executive Chairman of Australian operations.
Ardonagh Global Partners CEO Des O’Connor commented: “Our exciting journey with Envest has officially started. We are ready to forge ahead in a new fast-paced chapter in our growth ambition supporting Envest’s drive towards further opportunities within the fast-growing and evolving Australian insurance markets and economies.”
Greg Mullins said: “We’re so excited to get back to business and focus on supporting our businesses to achieve their strategic objectives. With the strength and experience of Ardonagh behind us, we look forward to accelerating our growth and offering customers quality service and products in the Australian insurance market.