A Brisbane-based insurance giant has announced the sale of its Australian general insurance distribution business.

The divestment of Suncorp’s Resilium is set to be completed by the end of the financial year, through a management buyout led by Adrian Kitchin who will continue as managing director.

“Suncorp is very supportive for Resilium to operate as a standalone business,” said Pip Marlow, Suncorp CEO of customer marketplace. “We’re committed to working with Adrian and his team to ensure a smooth transition for the corporate authorised representative (CAR) network, Resilium customers, and our people. This transition enables Resilium to further invest in its products and services to better meet the needs of its CAR network and customers.”

Kitchin said he was excited about Resilium’s future.

“Our CAR network are highly engaged insurance professionals, and this will allow us to reinforce our position as the number one CAR network of choice,” Kitchin said. “With the support of Suncorp, we have built a strong business and I want to continue this momentum providing trusted and customised advice, products, and support to our customers. We will ensure this is a smooth transition with minimal disruption for all of our valued customers and employees, and we look forward to continuing to build the Resilium brand for many years to come.”