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Resilium Partners buys Cornerstone Risk Group

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Resilium Partners, which this year became part of Ardonagh, has acquired Brisbane-based Cornerstone Risk Group as it continues to look at growth opportunities.

UK-based Ardonagh secured a majority stake in Resilium in February as part of its expansion strategy and appointed Paul Lynam as Chairman of the group’s Australian operations. In June it formed Ethos Broking Australia to pursue mergers and acquisitions in the local market.

Mr Lynam says he and Ethos CEO and Resilium Partners Executive Director Adrian Kitchin have received approaches “almost daily” from brokers as a result of the backing and expertise provided by Ardonagh.

“We are thrilled with the growth of both Resilium Partners and Ethos Broking in such a relatively short period of time,” Mr Kitchin said today. “We expect to announce a number of additional acquisitions in coming months.”

The purchase of Cornerstone follows the February acquisition of Fassifern Insurance Services, also located in southeast Queensland.

Cornerstone Joint MDs Damien Mulvenna and Scott Mitchell say the brokerage already has its own established pipeline for adding like-minded businesses and they look forward to announcing acquisitions.

“This merger will provide us with additional resources and enable us to service our clients throughout Australia to a higher level,” the company says on its LinkedIn page.

Ardonagh told the market when releasing its half-year financial results last month that it was well placed to continue executing its mergers and acquisitions and investment strategy “at pace” in the UK and internationally.