New broking group Aviso is confident it has the resources and experience among founding members to expand.
The six founding insurance brokers are Aviso WA, Fitzpatrick & Co in Victoria, Eagle in NSW, Acumen in NSW, MacMurray in Tasmania and Allsafe in Queensland.
Private equity business Envest, which brokered the deal, holds a minority stake in the six brokerages.
“Envest’s belief is to reinvigorate growth and improve profitability. To do this we have created a national business,” MD Greg Mullins told insuranceNEWS.com.au.
“It is all about pooling our resources to, for example, gain access to attractive referral deals with related financial services businesses that, on their own, the brokerages could not have accessed.
“With Envest supporting capital growth, Aviso is putting in place different equity models to attract and retain young go-getters who can then gain an equity position in the business.
“This will help solve another major issue in the industry – succession.”
Aviso Group has 11 offices nationwide, with 133 employees and combined gross written premium of $133 million. The offices will focus on areas including horticulture, water treatment, agriculture, aquaculture, mining and cyber.
Clients can deal with Aviso online or directly, or both.
“Aviso will be one of the first brokers with the ability to give customers the choice of dealing online, through more traditional advice models, or a combination of both,” Aviso Chairman Barry Fitzpatrick said.
“As a national broking group, Aviso will be in a position not only to combine resources but also make a substantial investment in technology and people.
“It will have greater access to insurance products, risk management solutions and niche insurance schemes across the country.”
Aviso is part of the Steadfast network.