New national broking group formed

broking private equity

5 April 2017
| By Staff |
image
image
expand image

Six private insurance brokers across five states have joined forces to create a national broking group, Aviso Group Pty Ltd.

The management-led deal was announced this week and has been backed by private equity player, Envest which will hold a minority interest in the combined entity.

According to the transaction announcement, the Aviso Group would combine 11 offices nationally, 133 employees, 12 principals and $133 million in gross written premium (GWP). It includes the following Insurance Brokers: Aviso WA (Formerly IC Frith WA), Fitzpatrick & Co (VIC), Eagle (NSW), Acumen (NSW), MacMurray (TAS), Allsafe (QLD).

Commenting on the deal, Envest managing director, Greg Mulllins said Aviso provides a national and personal alternative to traditional broking groups – essentially offering a local touch with the strength of a national group.

“It was important we struck the right balance between streamlined administrative functions and economies of scale, while maintaining local independence and the close relationships each broker has with its clients,” he said. “To this end, our partners are extremely well established in their local regions with a loyal customer base, dedicated staff and core company values. This deal will enable each partner to provide a greater array of benefits to their customers and Envest’s role will be to help stimulate further growth and value creation across the entire group.”

Aviso chairman, Barry Fitzpatrick said Aviso stood for advice and vision.

“With this in mind we are focused intently on quality advice and embracing the best technology has to offer that will benefit our clients and our business processes,” he said. “Aviso will be one of the first brokers with the ability to give its customer the choice of dealing online, through more traditional advice models or a combination of both.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 hour ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 6 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 7 hours ago