The Ardonagh Group has announced the acquisition of Resilium BidCo – Australia’s largest independently owned intermediary network for an undisclosed sum.
With offices in Sydney, Melbourne and the Gold Coast, Resilium connects a network of more than 150 Corporate Authorised Representatives (ARs) with over 100 insurers globally, providing business and personal insurance solutions to clients across Australia.
Resilium will continue to be led by MD Adrian Kitchin, who has overseen the business’ growth trajectory over the past five years, with GWP under management more than doubling since 2016 to more than AU$500m (£279m) in 2020, generating revenue of AU$19m (£10.6m) for the financial year ending 30 June 2020.
Kitchin will be joined on the board by Paul Lynam in the newly created role of chairman. The firm said that Lynamhas 30 years’ experience in the insurance market across broking and underwriting and will oversee the group’s M&A pipeline in the region as well as working with Kitchin and the management team to leverage opportunities for Ardonagh’s wider portfolio within Australia.
Ardonagh Group CEO David Ross said: “We’re thrilled to be welcoming Resilium into the Ardonagh portfolio as the centerpiece of our Australian operations and to be empowering this well-respected, high calibre team to enter their next exciting chapter of growth.
“The opportunity to accelerate the execution of Resilium’s strategic ambitions via the backing, resources and scale of Ardonagh is clear and compelling, as is the chance to share learnings and leverage expertise from the expansion journeys of the Group’s existing UK intermediary networks.”
Kitchin added: “The strategic backing of Ardonagh will turbo-charge Resilium’s trajectory, giving us access to the capital and resources to explore strategic, complementary acquisitions across the country while also continuing to grow organically.
“With access to the full suite of Ardonagh’s assets including technology, facilities and Lloyd’s market access, the expanded value proposition for our ARs enables us to cement Resilium’s status as the preeminent Australian general insurance AR network of choice.”
The acquisition follows the purchase of Broker Network and Compass Networks in July 2020, two leading intermediary networks within the UK broking sector.
Ardonagh revealed it has funded the purchase via its committed acquisition facility.