New national broking group formed
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.”
Recommended for you
Zenith Investment Partners has welcomed a BDM focusing on adviser solutions in a series of appointments, while two asset managers have also confirmed new hires.
AMP non-executive director Kathleen Bailey-Lord and Iress non-executive director Susan Forrester have been appointed to the national board of the Australian Institute of Company Directors.
Wealth manager JBWere has announced the launch of two fixed income strategies for wholesale clients, backed by UBS Asset Management.
Firetrail Investments has confirmed the departure of four executives over the last quarter, including head of investment strategy Anthony Doyle.
