The Envest Group (Envest) announced it had signed a non-binding term sheet outlining its intention to sell the authorised representative (AR) networks of Resilium Insurance Broking (Resilium) and PSC Connect (PSC) to Steadfast Group.
Under the proposed agreement, both businesses will be integrated into Ausure, positioning it as one of the largest AR networks in Australia.
Ausure CEO Scott McCarthy said the organisation is looking forward to welcoming the new ARs into the network.
“Ausure is thrilled to continue supporting authorised representatives from Resilium and PSC. We believe this next chapter will bring tremendous opportunities for our people, brokers and clients. We look forward to getting to know everyone and building on the success of both groups.”
As part of the proposed deal, Ausure and Envest will work closely to transition
approximately 150 Resilium and PSC ARs. Several Resilium and PSC staff will also move to Ausure to ensure continuity of service and support.
Envest CEO Greg Mullins said the transaction reflects Envest’s strategic focus.
“A transition of the Resilium and PSC AR network into Ausure would help ensure ARs continue to be well supported, while enabling Envest to focus on driving growth across our equity-owned broking network.”
AR businesses in which Envest holds equity positions or options, specifically Resilium Partners and PSC Reliance will be excluded from the transaction.
“Current Envest Networks Chief Broking Officer, Ben Hastie, and CEO, Craig Robson, will continue to support our partner businesses, with Craig also moving into a new role as Investment Director and Head of Placement for Envest,” Mr Mullins said.
The proposed sale remains subject to final transaction documentation, relevant board and shareholder approvals.
For media enquiries please contact:
Megan Houston, Envest Corporate Affairs
0407 965 240 | megan@envest.com.au
