The Ardonagh Group, one of the largest independent insurance brokers in the UK, has completed the acquisition of Australian insurance firm, Envest.
This news came shortly after the firm announced it had agreed to acquire Envest for AUD482 million (£270 million).
Managing Director Greg Mullion will continue to lead Envest, which will now operate as part of Ardonagh Global Partners.
Des O’Connor, Ardonagh Global Partners CEO, 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.”
Headquartered in Brisbane, Envest is an insurance investment and distribution group with a diverse portfolio of businesses and a national footprint.
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.
The combined portfolio has over 550 employees, writes more than AU$800 million in premiums and Envest reported AU$60 million (£43 million) in consolidated revenue for the financial year 30 June 2022.
Mullion said: “We’re so excited to get back to business and focus on supporting our business 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.”
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 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.
