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Envest 'always on lookout' for investments: MD

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Envest MD Greg Mullins says the business is constantly keeping an eye out for potential acquisitions, following its latest investment in Perth-based broker Grange Insurance Solutions.

Last week the private insurance investment group announced it has become a shareholder in the broker. The investment is one of many Envest has made in recent weeks, including taking a majority stake in Wymark Insurance Brokers and the purchase of insurtech Evari’s underwriting portfolio.

“Envest has acquired a meaningful stake in Grange, with an option to move to a majority position,” Mr Mullins told insuranceNEWS.com.au. “Envest is very targeted in our acquisitions.

“We are always on the lookout for good businesses that care about their customers, have good people and are a good cultural fit for our group.”

He says most of Envest’s recent acquisitions have been made through existing relationships that have naturally progressed over time.

“Undoubtedly, there are businesses owners out there at the moment who are looking closely at their options and we’re open to speaking with them,” Mr Mullins said.

“Insurance is a resilient and essential industry, particularly in times of crisis, and we are committed to growing an innovative and dynamic network of insurance businesses.”

Envest says Grange will be the 13th business to join its Aviso Group broking network, taking its overall gross written premium to $400 million annually.

It also means the broking group now has more than 240 employees and 20 principals across 20 offices nationally.

Aviso Group CEO Craig Robson says the business has performed “exceptionally well” in the past year, despite the pandemic disruption.

All companies in the group have grown their customer base and market presence, Mr Robson says.

“Like many other brokerages, our group is seeing some negative impacts from lockdowns on small to medium-sized retail business and we’ve been working closely with our customers to manage their insurance needs,” he told insuranceNEWS.com.au. “But we are also seeing growth in other businesses areas.”