UK insurance broker Ardonagh Group, which is led by Irishman David Ross, has completed its acquisition of Australian insurance group Envest for AUD482 million (€312 million).
Ardonagh, which is focused mainly on small businesses, has a number of Irish links, having acquired Dublin-based insurance broker Arachas for about €250 million in 2020.
It also opened the Ardonagh Global Data and Risk Management Centre in Mullingar, Co Westmeath, the year before last, creating 60 new jobs. Former Ireland rugby captain Rory Best also joined the group as director of development.
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 (€513 million) in premium and Envest reported AU$60 million in consolidated revenue for the financial year ended June 30th, 2022.
Envest managing director Greg Mullins will continue to lead the group, 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 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 said: “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.”
Mr Mullins said: “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.”
