Australia-based insurance broker Resilium has secured a strategic investment from The Ardonagh Group (Ardonagh), an independent insurance broker with pro-forma GWP of over A$10.7bn ($8.32bn) and pro-forma income of more than A$1.4bn ($1.09bn).
Through this deal, Ardonagh will acquire a majority stake in Resilium.
Post this strategic investment, Resilium will continue to be led by CEO and managing director Adrian Kitchin.
This deal will enable Resilium to speed up its growth plans and also tap the experience and technology of Ardonagh.
Kitchin said: “This strategic backing from Ardonagh will turbo-charge Resilium’s trajectory, giving us access to the capital and resources to explore strategic, complementary acquisitions across the country while also continuing to grow organically.”
“With access to the full suite of Ardonagh’s assets including technology, facilities and direct Lloyd’s market access, the expanded value proposition for our Authorised Representatives (AR) enables us to cement Resilium’s status as the preeminent Australian general insurance AR network of choice.”
Ardonagh Group CEO David Ross said: “We are thrilled to be welcoming Resilium into the fold as the centerpiece of Ardonagh’s Australian operations.”
“Like the rest of the Group, Resilium’s working culture has been key to its success. The team’s unwavering focus on recruiting the very best talent in the market alongside a commitment to professional development has made them the ideal launch platform for our growth in this dynamic region.”
Resilium also appointed Paul Lynam as chairman.
Lynam comes with three decades of experience in the insurance market across broking and underwriting. He will oversee the M&A pipeline on behalf of the Resilium and work with Kitchin and the team to tap opportunities for Ardonagh’s portfolio within Australia.
The Ardonagh Group is a leading independent insurance broker in the UK and has a network of more than 100 locations across the UK and Ireland and a workforce of over 7,000 people.