Processing timeline
28
days
Acquirer(s)
PSC TRANSPORT INSURANCE BROKERS PTY LTD ABN - 47 001 768 190
Target(s) or Vendor(s)
MA INSURANCE BROKERS PTY LIMITED ABN - 14 650 784 204
Other parties
ILLYES PTY LIMITED ABN - 55 650 781 132, Oyama Direct Pty Ltd ACN - 600 807 654, THE ENVEST GROUP PTY LTD ABN - 73 645 319 820, The Ardonagh Group
The Envest Group Pty Ltd, via PSC Transport Insurance Brokers Pty Limited, acquired the business and assets of MA Insurance Brokers Pty Ltd. MA Insurance Brokers is a Brisbane-based general insurance broker specialising in transport and machinery insurance. The Envest Group operates in broader insurance and wealth management. Consideration was cash and shares.
The Envest Group Pty Ltd ( TEG ) proposes to acquire through its indirect wholly owned subsidiary, PSC Transport Insurance Brokers Pty Limited ( PSCT ), the business and assets of MA Insurance Brokers Pty Ltd ( MA ) for cash and the issue of shares in PSCT to nominees of MA (the Acquisition ). Following the Acquisition, PSCT will be: indirectly owned as to approximately 80% by TEG directly owned as to approximately 20% (in aggregate) by Illyes Pty Limited ATF the Illyes Family Trust and Oyama Direct Pty Ltd, being the major shareholders of MA. MA is a self-licensed general insurance broker specialising in the transport and machinery insurance sector, has been in operation for circa 5 years, and its management have over 30 years of industry experience. MA is based in Brisbane, but services clients across Australia. MA brokers a range of insurance products including general liability, management liability, professional indemnity, directors and officers, property insurance, workers compensation, plant and machinery, marine insurance and business insurance, but is specialised in commercial motor insurance (and related insurance classes). TEG, through its wholly and partially owned subsidiaries, is active in Australia and New Zealand in the supply of: underwriting products and services as managing general agents, competing with underwriters and other managing general agents both on an intermediated basis (via brokers both within and outside of the Envest network) and direct to consumers; insurance broking services wealth management and financial planning: TEG provides financial planning and advice products and services (including life risk broking) (through the Wealth Architects group of companies); and services in adjacencies and ancillary services such as insurtech (technology that supports the insurance industry), claims management, workers compensation consulting and trade credit risk.