The Envest Group continues its expansion with stake in NZ-based MGA

The Envest Group (Envest), part of The Ardonagh Group, will acquire a significant stake in Ando Insurance Group Limited (Ando), an independent underwriting agency in New Zealand.

Ando was founded in 2015 by John Lyon and Dean Edwards and enters its 10^th year of operations as one of the largest MGAs in New Zealand placing over $500m (NZ) Gross Written Premium across personal and commercial lines.

Envest Agencies CEO Richard Heilig said the agreement to acquire a major shareholding in Ando was a strategic move for Envest as it continued to build its footprint in New Zealand and align itself with forward thinking underwriting agencies.

“New Zealand is an attractive growth market for Envest and as a significant shareholder, we can offer Ando the support for future growth.”

Ando CEO John Lyon welcomed the deal and said it would allow them to continue the development of products and systems to support the growth of its broker partners.

“Our successful operational model, focused on people and relationships first, is unchanged, driven by the current executive and senior management team who continue as significant shareholders,” Mr Lyon said.

“This is a signal of our ongoing commitment to our brokers and end customers in New Zealand and there will be no operational impact for this change in the shareholding.”

Ando joins Envest’s growing portfolio of complementary agency and broking businesses in NZ including recently acquired Sage Underwriting which specialises in forestry insurance solutions.

Ando will be acquired by Envest NZ Limited, a subsidiary of Envest and the completion of this acquisition is subject to local New Zealand regulatory approvals.

Notes to editors

ABOUT ANDO

Ando works with New Zealand’s leading broker groups offering general commercial insurance across property, vehicle, liability, marine and other specialty lines, and personal home, contents and vehicle cover.  As a technology enabled company, Ando specialises in delivering improved customer experiences and better claims processing using its proprietary Gradient Portal. Ando is an underwriting and claims agent of Hollard, a coverholder at Lloyds and agent of HDI Global Specialty SE – New Zealand.

ABOUT ENVEST

Headquartered in Brisbane, Sydney and Melbourne, Envest is a focused insurance distribution business that delivers creative solutions for customers and partners in Australasia. It is the growth platform for The Ardonagh Group in the region.

With over 50 Australian and New Zealand insurance brands, including the Aviso Group, PSC Insurance Brokers, Resilium and 20 specialist underwriting agencies, providing trusted advice and service to more than 450,000 customers across Australia. The Envest Group collectively employs more than 1,600 staff in 65 office locations around the nation.

www.envest.com.au 

THE ARDONAGH GROUP

The Ardonagh Group is one of the world’s largest independent insurance distribution platforms and a top 20 global broker. Ardonagh is a collection of best-in-class entrepreneurial and specialist brands with a combined workforce of over 10,000 colleagues and a network spanning 200+ locations in more than 30 countries. Across its portfolio, Ardonagh offer a highly diversified range of insurance-related products and services.

www.ardonagh.com