The Ardonagh Group, a UK-based insurance broker, has completed the A$482m ($340.14m) acquisition of Australian insurance company Envest.
The deal was announced in November 2022.
Envest is an insurance investment and distribution organisation with its main office in Brisbane, Queensland. It has a broad portfolio of businesses and a nationwide presence.
Ardonagh acquired three direct-to-consumer insurance brands, eight intermediary agencies, and a national network of insurance brokers operating under the name Aviso as part of the agreement.
Envest reported consolidated revenue of A$60m ($42.34m) for the financial year ending on 30 June 2022.
The combined portfolio employs more than 550 people and writes more than A$800m ($564.56m) in premium.
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Resilium Insurance Broking and Epsilon Underwriting, Ardonagh’s other businesses in Australia, will be housed under the Envest corporate umbrella and continue to run normally under the direction of their current management teams.
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.”
Operating as part of Ardonagh Global Partners, Envest managing director Greg Mullins will continue to lead the business.
Mullins said: “We are 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.”