Blue Zebra, Proplab Group and Point Insurance are in negotiations for a share sale that would bring together four Envest underwriting agencies.

Rowan Watson, CEO of Proplab – which includes the SGUA and Allstate agencies – will lead the combined group under the deal, due to take place early next year.

Blue Zebra CEO and co-founder Colin Fagen will move to non-executive roles on the combined board and several Envest boards, and he will work with Mr Watson to ensure a smooth transition.

“The integration will be focused on how we maintain the unique value proposition of each product, while maximising cross-sell opportunities, and give rise to a new and improved way of working,” Mr Watson said.

“On day one, our brands will continue to operate independently in market, enabling our team to continue to focus on the day-to-day while we work towards finalising the structure and architecture of this new entity.” 

Envest says the combined corporate group will have greater reach and resources, underpinned by the Blue Leopard technology platform.

Products offered through the broker market will include landlord, SME, home and contents, personal and commercial motor, farm pack, cyber, and personal accident and sickness covers.

Mr Watson says more information about the new business structure will be provided to brokers and clients in the new year.  

Mr Fagen says Blue Zebra, Proplab and Point already have common platforms and processes. Point, Allstate and Blue Zebra trade on Blue Leopard, and Blue Zebra and SGUA products are distributed via the Steadfast Client Trading Platform.

“As Envest-backed agencies, we have a good understanding of each business and how we complement each other,” he said.

Envest this year raised its stake in Blue Zebra to a majority position after acquiring Youi’s 36.9% equity interest in the underwriting agency.