18 November 2022

Envest has acquired a majority stake in leading marine specialist insurance broker, Australian Risk Applications (AustRisk).

Private insurance investment and distribution group Envest, now has interests in 15 agencies, 10 brokers and two insurance related companies. In the past twelve months, the group has increased its ownership of existing companies and investment portfolio size by more than 80%.

Managing Director Greg Mullins said Australian Risk Applications was another strategic investment for its broking arm, the Aviso Group.

“The M&A space for brokers is incredibly competitive now and we are pleased to be able to attract a deal of this nature. We are also delighted in the quality of the people we are investing in.”

“ARA will be the 14th business to join the Group which now combines 26 offices nationally, more than 300 employees, 20 principals and $460m in Gross Written Premium (GWP).”

ARA is based in North Sydney and is a mature but growing business, with a niche focus and speciality in the marine market.

Aviso Group CEO Craig Robson said “We’re thrilled to have ARA join Aviso Group and feel privileged the original founders of the business, Michael Murrell and Tim Williams, have entrusted us with the successful business they have built, as we work together & continue to grow it into the future.

“ARA will continue to be led by Michael and Tim, with each maintaining significant shareholding going forward”

ARA Managing Director Michael Murrell said their business was attracted to the Aviso Group model and Envest independence in a consolidating market, which offers fewer and fewer alternatives.

“We have professional and personal relationships within the Group and were very comfortable with the direction and freedom offered.

“We’re looking forward to growing together and leveraging the opportunities afforded by the size and strength of the Group.”

Aviso Group is made up of the following insurance brokers: Aviso WA Insurance Brokers (WA), Fitzpatrick & Co Insurance Brokers (VIC), Aviso Broking (QLD/NSW), Aviso Select (National), Acumen Insurance Brokers (NSW), Aviso TAS Insurance Brokers (TAS), Grange Insurance Solutions, North Queensland Insurance Brokers (QLD), Aviso Integral Insurance Services (VIC), and now Australian Risk Applications (NSW).

Envest is an independent and privately owned insurance investment and distribution business, with interests in brokers, agencies and insurtechs.

For more information visit envest.com.au and avisogroup.com.au

In the press: https://insurancenews.com.au/daily/envest-takes-majority-stake-in-sydney-marine-broker