McLardy McShane Group (McLardy McShane), a rapidly expanding nationwide insurance broking group, has continued its investment spree by acquiring a 30% stake in fellow broker and authorised representative network Apollo Risk Services (Apollo).
McLardy McShane CEO Don McLardy said the move has been the group's most significant investment to date.
As part of the deal, the group has been working closely with Apollo founder Carl King and executive director Mark Taylor to ensure that the agreement is a major positive step for both organisations.
“Carl and Mark have built a great business with similar culture and value to ours, and we can see many positive benefits for all the authorised representatives in our combined group,” McLardy said.
King commented that McLardy McShane is a perfect fit for Apollo because it has demonstrated professionalism, has similar culture and values, and can add tremendous benefit to the company going forward.
“We will take the best of both worlds to ensure all our authorised representatives and clients obtain the very best products and services going forward,” he added. “McLardy McShane [is] incredibly positive with Apollo's future vision and plans.”
McLardy McShane has been busy expanding this year, especially during the “Ber” months (September, October, November).
Most recently, the group acquired a stake in Sydney broker Intercharge, which has a long and successful history since being founded by Neville and Ann Cartwright in 1982.
The acquisition enables the group to use and expand upon the expertise in products and markets built by the Sydney broker since 1982. Additionally, as part of the agreement, the Cartwrights will remain as major shareholders. The name Intercharge and all current employees will also remain.
McLardy McShane also recently acquired Sydney Insurance Brokers to strengthen its position in the Sydney market. The agreement saw the establishment of a new joint venture entity, McLardy McShane Dimou, with broker Dora Dimou taking the role of managing director. The trading name of Sydney Insurance Brokers and its current employees will also remain.
Meanwhile, the Apollo investment will take effect from July 01, 2022.
