Steadfast Group will buy the Envest-owned Resilium and PSC Connect authorised representative networks.

Envest has signed a non-binding term sheet for the sale, and under the proposed agreement Steadfast will integrate the acquired businesses into Ausure, making it one of the largest AR networks in Australia.

“We look forward to getting to know everyone and building on the success of both groups,” Ausure CEO Scott McCarthy said today.

About 150 ARs will transition to Ausure, and some Resilium and PSC staff will also make the move to ensure continuity of service and support.

Envest CEO Greg Mullins says the deal reflects his group’s strategic focus.

“A transition of the Resilium and PSC AR network into Ausure would help ensure ARs continue to be well supported, while enabling Envest to focus on driving growth across our equity-owned broking network.”

AR businesses in which Envest holds equity positions or options, specifically Resilium Partners and PSC Reliance, will be excluded from the transaction.

“Current Envest Networks chief broking officer Ben Hastie and CEO Craig Robson will continue to support our partner businesses, with Craig also moving into a new role as investment director and head of placement for Envest,” Mr Mullins said.

Envest has also today announced the reorganisation of its broking pillar.

PSC CEO Ben Goodall has been promoted to Envest Broking CEO, to lead the multidimensional broking business with more than $2.3 billion in gross written premium, including the 100%-owned PSC Group, the owner-driver-led Aviso Group and the equity-owned AR businesses model.

Mr Goodall says the vision for the Envest Broking pillar is to build “the strongest, most capable and future-ready broking platform in Australia.

“Our goal is to leverage our strength and scale to create operational simplicity and digital enablement to accelerate our growth and improve our client service outcomes.

“Having an equity-owned broker network simplifies the process of building and integrating this platform across our broker pillar.

“Supported by over 1500 committed employees, Envest Broking is strongly positioned to further enhance its competitive standing in the market.”

Mr Goodall says Envest has built and deployed its Marketplace system, with API connections due to go live next month, and is working on an integrated broker management system complemented by "AI foundations that would remove double keying and streamline broker processing".

Mr Mullins says the broking pillar will be supported by a strong and experienced broking executive team including Jeff Moule, Travis Kemp, Mr Hastie, Josh Roach and Sarah Grant.

“Jeff will remain CEO of Aviso Group to support and represent our Aviso Group principals, and Josh has recently joined as CEO of Aviso Specialty (one of our Aviso Group businesses) to drive our emerging corporate broker play that competes with the internationals.

“Ben Hastie will continue to support our equity-owned authorised representatives now operating as Aviso Group Partners.

“Travis Kemp will lead our revenue, people hire and acquisition strategy across the broking group while continuing to chair the Aviso Specialty business.

“Sarah Grant as COO of Envest Broking will be running the centralised operations supporting the many branches and businesses across the country.”

The proposed sale is subject to final transaction documentation, board and shareholder approvals.

Steadfast confirmed its intention to purchase Resilium Insurance Broking and PSC Connect.
 
"Both businesses are intended to be integrated into the Ausure network," a spokesperson said.

"Our focus remains on ensuring continuity of service and support for authorised representatives. Steadfast will share additional information once final agreements are completed and all necessary board and shareholder approvals have been secured by Envest."