Insurance House sells stake to aid growth
An investment group led by former AMP CEO Paul Batchelor has taken a “significant minority interest” in Melbourne-based Insurance House Group.
Yorkway Partners says it will work closely with the Insurance House board and management led by MD Jay Fereday to drive further growth for the business.
Insurance House is a privately owned general insurance brokerage and underwriting business employing more than 180 staff. It has offices in Sydney, Melbourne and Brisbane as well as in rural NSW and Victoria. It also has a network of 50 authorised representatives. The annual premium income exceeds $250 million.
A statement issued by the parties last night says Yorkway “originated and structured the transaction, assembling a consortium of high-net-worth investors through its subsidiary Yorkway Equity Partners”.
Mr Fereday says the investment “brings significant industry knowledge, expertise and networks to the table, both through the Yorkway team and individual investors within the consortium”.
The partnership and capital investment is intended to help Insurance House become a prominent player in regional Australia.
Mr Batchelor, a former CEO of AMP, has joined the Insurance House board.
He founded Yorkway in 2009 with Michelene Hart. The Insurance House deal is the 10th that Yorkway has originated, structured and transacted. Its total enterprise value is now about $1 billion.
The Yorkway team is made up of former senior business executives and directors, with capital being drawn from internal resources and a consortium of high-net-worth individuals, family offices and institutions.
More details in our regular bulletin on Monday.