Envest Group (Envest), an insurance investment group that is part of The Ardonagh Group, has acquired a majority stake in Insuret.
Insuret was established by Jason McDonnell in 2007 in partnership with Hollard. It is a specialist underwriting agency in the rental car fleet insurance and emerging “mobility fleet” markets. Its offerings include traditional car rental, car share, ride share, peer2peer, and subscription fleet programs distributed via insurance brokers and directly to customers.
As part of the deal, McDonnell will remain a co-owner and managing director of the Brisbane-based national business.
Commenting on the agreement, McDonnell emphasised the strengthened partnership between Envest and Insuret and the growth of car-sharing and fleet programs.
“Due to changing economic, social, environmental, and technological conditions, our market is expanding rapidly, and many of our customers are seeking international expansion,” he said. “We have a strong 16-year partnership with Hollard, which is set to continue, and our new relationship with Envest will help us further support our customers with international growth due to the wider Envest connection with Ardonagh.”
Envest chief commercial officer Richard Heilig commented: “Insuret is a niche underwriting agency with a strong book of business, established systems, and processes that will complement our existing portfolio of owner-operated agencies and brokers. Like many of our other agencies, the strength of Insuret is its strong relationships with its insurer and clients. Managing director and shareholder Jason McDonnell has created a business with a significant competitive and first mover advantage.”
Earlier this year, Envest acquired a majority stake in Wellington Underwriting Agencies (Wellington).
