Insurance Advisernet and AUB have announced a new jointly owned venture today, coined Insurance Advisernet Equity Partners.
The purpose of the project is to acquire non-controlling shares in select members of Insurance Advisernet – a network of over 200 authorised representatives across Australia and New Zealand.
“Our network has been growing at over 20 percent per annum and our practices now have 85,000 clients generating in excess of $650 million of premiums,” said Insurance Advisernet founder and chairman, Ian Carr.
“Over the years, we have assisted many practices to commence their own businesses and flourish, and now we can assist even further by providing the complete ‘cradle to grave’ solution,’ he added.
AUB CEO Mike Emmett also commented on the new initiative, saying the venture is a “natural and exciting extension” of the 13-year partnership between the two organisations.
“We believe that this new venture will enable current Insurance Advisernet members to accelerate their growth and facilitate long-term succession,” said Emmett.
“We also hope that the benefits offered by this new venture will attract additional authorised representatives and brokers in the market to become members of Insurance Advisernet.”
The venture already has capital available for investment and will be appointing a new general manager to work with Insurance Advisernet and assess and support interested members.