The Ardonagh Group completes acquisition of Australian insurance firm Envest
The Ardonagh Group announces that, further to the announcement on 23rd November 2022, it has completed its acquisition of Australian insurance firm Envest PTY Ltd (“Envest”).
Headquartered in Brisbane, Queensland, 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 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.
Notes to Editors
For further information: Ardonagh Group announces acquisition of Australian insurance firm Envest | The Ardonagh Group
THE ARDONAGH GROUP
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 150 locations and a combined workforce of more than 10,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
Established in 2021 Ardonagh Global Partners (AGP) is part of The Ardonagh Group’s growing International platform and invests in leading platforms operating in attractive markets and product verticals outside of the UK and Europe. By offering access to Ardonagh’s commercial capabilities, management expertise, and funding, AGP is a partner of choice for best-in-class management teams.
Envest is an independent and privately owned, insurance investment and distribution group with interests in brokers, agencies and insurtechs. Collectively in 2023 the Group is expected to place more than AU$1.5bn in premium, making it one of the largest independent insurance distribution businesses in Australia. Envest provides financial and smart, strategic support to its business partners to leverage scale and drive growth.
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