The Ardonagh Group has entered into an agreement to purchase Australian insurance firm Envest for A$482m (£270m).

Headquartered in Brisbane, Queensland, Envest offers investment and distribution solutions across Australia.

As part of the new deal, which will be carried out through a mix of equity and debt, Ardonagh’s Australian subsidiary will buy Envest.

Following the completion of the deal, Ardonagh Australia will operate locally under the Envest name and will be headed by its present managing director Greg Mullins.

Envest will perform its business under Ardonagh Global Partners, which is headed by CEO Des O’Connor.

Other Australian businesses of Ardonagh Global Partners, including Resilium Insurance Broking and Epsilon Underwriting, will operate usually and continue to function under their current managements.

Ethos Broking Australia CEO and executive director of Resilium and Ardonagh Australia Adrian Kitchin will join the executive team of Envest.

Ardonagh Australia chairman Paul Lynam will retain his position even after the completion of the deal.

The deal also includes the acquisition of Envest’s Aviso Group, a network of broking offices across five Australian states handling around A$405m in gross written premium.

The consolidated entity has more than 550 employees and reported revenue of A$76.7m (£42m) for the financial year ended 30 June last year.

Des O’Connor said: “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.”

Earlier this month, Ardonagh Advisory, a subsidiary of The Ardonagh Group, bought consultancy services firm Stallard Kane Group (SKG).