Ironbridge, a leading independent Australian private equity manager, today announced that, in partnership with the management of Dexta Corporation, it has successfully completed the acquisition of Dexta Corporation Ltd, a specialist Australian insurance underwriting agency.

Dexta Corporation is a general insurance underwriting agency servicing more than 600 insurance brokers in specialist classes, with annual premium income approaching $100 million. Dexta's tailored insurance products include professional indemnity, directors & officers' liability, information technology insurance and trade credit insurance, underwritten by major insurance and reinsurance companies in Australia and overseas.

The opportunity for Ironbridge and Dexta management to invest in the company's future came about with the decision of GE ERC to divest its stake in Dexta. Total funding of A$40 million has been arranged for the acquisition and for the future growth of Dexta.

Managing Partner of Ironbridge Greg Ruddock said the partnership with Dexta represented a significant opportunity for Ironbridge to participate in the growth in the general insurance sector.

"Dexta Corporation is a very successful, large, multi-product underwriting agency with an outstanding track record of innovation and a well-established, highly regarded management team.

The strength of this management team, coupled with the financial backing of Ironbridge, positions Dexta very well in a market which has solid business fundamentals and significant potential for growth."

The Chief Executive Officer of Dexta, Bob Lee, said the partnership with Ironbridge ensured continuity of management for the business while also providing funding for growth to realise its potential.

"Dexta has built an enviable record of product and service innovation over the past few years to become one of the largest independent underwriting agencies in Australia.

"The investment by our management team and Ironbridge in this company represents a significant vote of confidence in our future, our strategy and the position we are building in the broader insurance marketplace.

"We look forward to continuing to expand our product offerings, our service capability and our client base, as an independent, multi-product company."

Ironbridge recently announced the final close for the Ironbridge 2003/2004 Fund, with total investment commitments of A$450 million from leading Australian and international institutional investors.

Contact

Greg Ruddock
Managing Partner
Ironbridge
+61 2 9250 8700

Bob Lee
Chief Executive Officer
Dexta Corporation
+61 2 8235 1043

Justin Kirkwood
Kirkwoods Corporate Relations
+61 2 9231 5600

About Ironbridge

Ironbridge is a leading independent Australian private equity manager, providing private equity for growth businesses in the Australasian marketplace.

Ironbridge is focused on investments in medium to large size management buyout and expansion capital transactions, with commitments typically in the range of A$25 million to A$75 million.

This transaction is the third investment by the Ironbridge 2003/4 Fund, which recently announced its Final Close at A$450 million. The first investment was the A$871 million MBO of leading private hospital group Affinity Health in November 2003; and the second was the NZ$50 million acquisition in June 2004 of ACB, one of New Zealand's largest operators of backpacker-style lodge accommodation in New Zealand.

About Dexta Corporation

Dexta Corporation is one of Australia's largest independent general insurance underwriting agencies.

Dexta specialises in liability classes of insurance for Australian professionals and businesses, transacting nearly A$100million of annual premiums introduced predominantly by insurance brokers.