14 October 2023, (Brisbane, AEST):
Envest Group has completed its second agency acquisition this month, acquiring London Australia Underwriting (LAUW) specialising in professional indemnity, directors and officers, management liability, tech, fintech, and financial institutions insurance.
LAUW writes more than $35m in gross written premium in professional and financial lines exclusively on behalf of Lloyds of London Syndicates. Established in 2005 by Steve Walker and Declan Rye, the business has gone from strength to strength, capitalising on solid broker support, deep sector specialisation and a team committed to personalised service.
Envest CEO Greg Mullins said it was an exciting time for the Agency space as Brokers continue to support the MGA model, due to the high quality of service and product expertise.
“We feel fortunate that Steve and Declan are joining us on our journey and entrust us to help them continue into the next phase of building their business.
“We are also happy to see London and other insurance markets actively looking to support MGAs as they continue to build market share. With a Broker network placing $1.3b into the market, our focus on agency acquisitions is to bring our customers new products and services to market in niche areas that deliver value for them and insurance partners.”
Envest CEO of Agencies Richard Heilig said financial and professional lines were a growth market in Australia and an area that Envest had been looking to invest in for some time.
“We don’t currently have a financial and professional risk agency in our Group,” Mr Heilig said.
“LAUW is already a preferred supplier with an excellent reputation in the market. Declan and Steve have been with the business since day one and will continue to have material ownership to drive the agency’s growth.”
LAUW directors Steve Walker and Declan Rye said they were looking forward to leveraging the capital, support, relationship and scale of Envest to take their business to the next level.
“The new partnership with Envest allows us to grow our distribution and service to our existing and new clients.
“We see a strong cultural alignment with Envest, and the opportunity to use the Group’s strength to continue our growth story, including the release of new products soon.”
Steve said the pair were looking forward to continuing to manage the business and deliver the service and support our customers expect.
For more information about LAUW please visit https://www.lauw.com.au/