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Envest buys Evari's cover portfolio, licenses platform

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Insurtech Evari’s underwriting portfolio has been bought by Envest, which will also license Evari’s tech platform as part of the deal.

Evari, founded in 2016 by former local Zurich CEO Daniel Fogarty, consultant Robert Jeffery and tech entrepreneur Brack Norris, creates flexible insurance that is easy to buy and manage.

Mr Fogarty says the underwriting portfolio is now in “good hands” and he was excited by the opportunities the acquisition presented. Evari now expects further expansion locally as well as in the US, Europe and elsewhere.

“We can focus our energy on creating value for insurance businesses in Australia and around the world with our best-in-class tech,” Mr Fogarty, who is on the board of Insurtech Australia, said.

Evari originally aimed to simplify the insurance process for SMEs and evolved into primarily an end-to-end technology business, with clients in Australia, the US and UK, while also running a successful direct insurance offering for tradies and professionals through partnerships with Bunnings and RAC.

It has about 35 staff globally.

Its cloud-based platform is suited to all types of insurance and Envest MD Greg Mullins says the acquisition is a win-win for both organisations.

“Evari’s underwriting portfolio has an established customer base and opportunities for growth that fits our model of distribution to customers in partnership with big brands,” Mr Mullins said.

Evari was named in the 2020 global Insurtech100 list, selected by a panel of industry experts.