9th January, 2006 |
Dexta Corporation Pty Ltd acquires four insurance businesses from Aon Creates Australia's largest independent insurance underwriting agency group with annual premiums approaching $200 million Ironbridge, a leading independent Australian private equity manager, today announced that one of its investee companies, Dexta Corporation has entered into a conditional agreement to acquire several of Aon's Australian underwriting agency businesses. The transaction includes four specialist and distinct insurance underwriting agency companies. The four agency companies to be acquired from Aon are:-
Dexta is a general insurance underwriting agency servicing more than 500 insurance brokers in specialist classes. Dexta's tailored insurance products include professional indemnity, directors & officers' liability, and information technology insurance, underwritten by major insurance and reinsurance companies in Australia and overseas. Dexta also provides prestige motor vehicle and mobile plant insurance through its wholly owned subsidiary MB Insurance Group. The combined group will transact annual insurance premiums approaching $200 million, with more than 120 staff making it Australia's largest independently owned insurance underwriting agency group. Each business will continue to trade under its existing brand and maintain focus on their specific market segments (see appendix for company details). Ironbridge Managing Partner, Greg Ruddock, said that the latest acquisition reflected the scope and ability of the company to diversify and innovate to capture growth in its market. "Dexta's solid performance in a competitive general insurance market of the past twelve months augers well for its future growth. "The acquisition announced today demonstrates our confidence in the Dexta business, its management and the opportunities the company has to capture further growth in the general insurance market." Dexta Chief Executive Officer, Bob Lee, said that the acquisition was consistent with the Group's strategy of growth and diversification by steadily expanding its specialist product range and the Insurers it acts for. Agricola Underwriting, Macquarie Underwriting, Pacific Underwriting and SLE Worldwide Australia will operate as largely stand-alone, specialist businesses. "This is a very significant acquisition for Dexta. The combination of these quality businesses with our own well established operation provides real growth opportunities for all the businesses and people concerned. It's a very exciting prospect as it will bring real scale, diversification and financial strength to the Group." Contact: Greg Ruddock Ironbridge 02 9250 8700 Justin Kirkwood Kirkwoods Corporate Relations 02 9231 5600     |
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