Envest Group, a subsidiary of The Ardonagh Group, is set to acquire a substantial stake in Ando Insurance Group Limited, a New Zealand-based managing general agent (MGA).
The deal, which awaits regulatory approval, represents a strategic move for Envest to strengthen its presence in the New Zealand insurance market.
Established in 2015 by John Lyon and Dean Edwards, Ando manages over $500 million in gross written premium annually, spanning personal and commercial insurance products.
Ando’s leadership team, including Lyon and Edwards, will remain active as significant shareholders and continue to oversee daily operations.
Richard Heilig, CEO of Envest Agencies, noted that the acquisition aligns with the group’s growth objectives.
“New Zealand is an attractive growth market for Envest, and, as a significant shareholder, we can offer Ando the support for future growth,” he said, highlighting Ando’s innovative approach and its alignment with Envest’s vision for the region.
Lyon welcomed the transaction, emphasising that Ando’s existing relationships with brokers and customers will remain a priority.
“Our successful operational model, focused on people and relationships first, is unchanged, driven by the current executive and senior management team who continue as significant shareholders,” he said.
The acquisition builds on Envest’s recent activity in New Zealand, including its purchase of Sage Underwriting, a niche provider of forestry insurance solutions. Ando will be integrated into Envest’s expanding portfolio of MGAs and brokerages.
The Ando deal follows Envest’s merger with PSC Insurance Group, finalised in October after approval by the Federal Court of Australia.
The merger combines PSC’s operations in Australia and New Zealand with Envest’s regional platform under the Ardonagh Group.
Several leadership changes have been announced as part of the integration. Tony Robinson, former managing director of PSC, will move into a non-executive director role on Envest’s board.
PSC chairman Paul Dwyer will join Ardonagh’s senior leadership team, while PSC Insurance Brokers CEO Ben Goodall and general counsel Julia Mitchell will take on executive positions within Envest, focusing on broking operations and compliance.
Craig Robson has been appointed CEO of Envest Networks, which will encompass PSC Network Partners and Resilium.
Meanwhile, Adam Burgess, CEO of PSC Specialty, will continue leading PSC’s underwriting agencies, which will operate alongside Envest’s existing managing general agencies under Heilig’s oversight.
As part of the transition, PSC’s CEO for Australia and New Zealand, David Hosking, will step down at the end of January.
