The Ardonagh Group, the largest independent insurance broker in the UK, has announced it has agreed to acquire Australian insurance firm Envest for AUD482 million (£270 million)
Brisbane-based Envest includes the broking network Aviso Group, a network of broking offices across five states managing circa AUD405 million in gross written premium, and 10 underwriting agencies.
The combined portfolio has more than 550 employees and recorded AUD76.7 million in revenue for the year ending June 30 last year.
According to the announcement, Envest will be acquired by Ardonagh Australia, which will trade locally under the Envest name and be led by current Managing Director Greg Mullins.
It will operate as part of Ardonagh Global Partners, which is led by CEO Des O’Connor.
The firm noted that Ardonagh Global Partners’ other Australian assets, Resilium Insurance Broking and Epsilon Underwriting, will operate as normal and continue to be led by their existing management teams.
Adrian Kitchin, Ethos Broking Australia CEO and Executive Director of Resilium and Ardonagh Australia, will become part of the executive team within Envest. Paul Lynam will continue in his role as Chairman of Ardonagh Australia.
O’Connor commented: “This is a hugely complementary acquisition, aligning neatly with our Group’s footprint both globally and in the Australian market, which has grown substantially since our maiden investment in Resilium in February 2021. It provides a proven platform to accelerate our growth ambitions in the region.
“Greg leads a highly experienced management team with deep expertise in the market and together they have grown a strong people-focused culture over the past six years. We look forward to rallying the scale and experience of the wider Ardonagh Group behind them as they continue to invest in and empower the best and brightest entrepreneurial talent in the Australian market.”
Mullins added: “Today’s announcement marks the start of a new and exciting chapter for us all. In Ardonagh we have found a strategic partner supportive of our ambitions, with a shared vision to empower independent broking and underwriting businesses to grow by delivering innovative solutions and the highest levels of service. In addition, the broader management team rolls forward as meaningful shareholders in the Australian business, maintaining strong alignment with our global parent”.