Clearlake Insurance Brokers has mandated Barrenjoey Capital Partners to explore strategic options, including introducing the Sydney-based firm to private equity investors interested in a minority stake, the Australian Financial Review (AFR) has reported. When IB contacted Clearlake to seek verification a representative for the firm said there was no comment at this time.
On its website, Clearlake describes itself as “Australia’s largest privately owned insurance brokerage”.
According to the AFR, Clearlake has grown to more than $250 million in gross written premium (GWP) and $45 million in annual revenue and Barrenjoey's bankers have been approaching private equity firms to gauge interest in coming in as a minority partner. The AFR reported that some firms contacted have questioned the brokerage's margins, though it did not attribute that assessment to a named source.
Clearlake was registered in 2021 by co-chief executives Yianni Gourlas (pictured left) and John Angelis (pictured right), who each hold a 50% stake, according to Australian Securities and Investments Commission (ASIC) records. The Sydney CBD-based brokerage's client base reportedly spans strata and property owner cover through to machinery, cargo, professional indemnity, directors' and officers' liability and workers' compensation, with the AFR reporting access to more than 100 insurers including Lloyd's, Chubb and Zurich.
The AFR reported that John Angelis is the son of Sydney businessman Jim Angelis, who sold mortgage and insurance broker Coverforce to ASX-listed Steadfast Group for $411.5 million in 2021.
Clearlake's reported capital search is unfolding as Steadfast Group's own $7.7 billion takeover approach from a consortium of Amwins Group, Dragoneer Investment Group and KKR moves through due diligence, with exclusivity now set to run to August 19.
The parallel activity fits a broader pattern in the Australian broking market: EY's Oceania insurance leader Stacey Hooper has pointed to a wider surge of M&A across the sector, driven partly by overseas-based groups. Separate IB analysis has noted that consolidation is reshaping the competitive landscape beyond the listed insurers, extending into distribution and broking.
