Resilium Insurance Broking Pty Ltd – the Australian broker that became a standalone business in June 2019 after it was sold by Suncorp Group through a management buyout led by chief executive and managing director Adrian Kitchin – has come under the umbrella of another giant.
It’s been announced that The Ardonagh Group, which is touted as the largest independent insurance broker group in the UK, has acquired a majority stake in Resilium for an undisclosed sum. In a release, Resilium said the investment will allow it to accelerate the company’s growth plans for 2021 and beyond.
“This strategic backing from Ardonagh will turbo-charge Resilium’s trajectory, giving us access to the capital and resources to explore strategic, complementary acquisitions across the country while also continuing to grow organically,” asserted Kitchin, who will remain at the helm of Resilium.
“With access to the full suite of Ardonagh’s assets including technology, facilities, and direct Lloyd’s market access, the expanded value proposition for our authorised representatives (ARs) enables us to cement Resilium’s status as the preeminent Australian general insurance AR network of choice.”
Meanwhile Ardonagh, in a separate release, noted that the acquired intermediary network connects more than 150 corporate ARs to over 100 insurers globally. The business – with offices in Sydney, Melbourne, and the Gold Coast – has gross written premium under management of more than $500 million.
“We’re thrilled to be welcoming Resilium into the Ardonagh portfolio as the centrepiece of our Australian operations and to be empowering this well-respected, high-calibre team to enter their next exciting chapter of growth,” commented Ardonagh group CEO David Ross.
“The opportunity to accelerate the execution of Resilium’s strategic ambitions via the backing, resources, and scale of Ardonagh is clear and compelling, as is the chance to share learnings and leverage expertise from the expansion journeys of the group’s existing UK intermediary networks.”
Taking on the newly created role of Resilium chair, meanwhile, is Paul Lynam who brings three decades of insurance industry experience. Lynam will be overseeing the mergers and acquisitions pipeline in the region while working with Kitchin’s camp to leverage opportunities for the wider portfolio of Ardonagh within Australia.