Insurance Advisernet and AUB Group (ASX:AUB) today announced a new jointly-owned venture, Insurance Advisernet Equity Partners.
The purpose of the new venture is to acquire a non-controlling shareholding in select members of Insurance Advisernet, a network of over 200 authorised representative/broker members in Australia and New Zealand.
Ian Carr, Founder and Chairman of Insurance Advisernet said, “Our network has been growing at over 20 percent per annum and our practices now have 85,000 clients generating in excess of $650 million of premiums. Over the years, we have assisted many practices to commence their own businesses and flourish, and now we can assist even further by providing the complete ‘cradle to grave’ solution.”
Discussing the initiative, Mike Emmett, CEO and Managing Director, AUB Group said, “We are very pleased to announce this new venture, which is a natural and exciting extension of our 13 year partnership with Insurance Advisernet. We believe that this new venture will enable current Insurance Advisernet members to accelerate their growth and facilitate long-term succession. We also hope that the benefits offered by this new venture will attract additional authorised representatives and brokers in the market to become members of Insurance Advisernet.”
The venture already has capital available for investment and will be appointing a new General Manager to work with Insurance Advisernet and assess and support interested members.
About Insurance Advisernet: Insurance Advisernet Australia was founded in 1996 and Insurance Advisernet New Zealand in 2006. Today they are one of the largest and most respected general insurance businesses in Australia and New Zealand, with an ever growing network of over 200 authorised insurance advice practices.