Envest Group has completed its acquisition of a stake in New Zealand underwriting agency Ando Insurance.

Envest, part of the Ardonagh Group, announced in January it would take a “significant” stake in the agency.

Ando has grown over a decade to manage more than $NZ500 million ($451 million) of annual gross written premium across personal and commercial lines.

“Envest is committed to providing Ando with the resources, expertise and strategic backing to accelerate its growth,” Envest Agencies CEO Richard Heilig said. “Our shared vision of innovation and broker-first solutions will drive the future of insurance in New Zealand.”

Ando co-founder and CEO John Lyon says the deal “marks a natural evolution for Ando, allowing us to build on our strong foundations”.

With Envest’s backing, the agency can expand its offerings and deepen broker relationships, he says.

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