AUB Group and Insurance Advisernet have set up a new joint venture to acquire non-controlling shareholdings in the authorised representative network's members in Australia and New Zealand.

The venture called Insurance Advisernet Equity Partners already has capital available for investment and will be appointing a new GM.

It will acquire holdings in interested members of the Insurance Advisernet network, which has more than 200 authorised representative/broker members in Australia and New Zealand.

“We believe this new venture will enable current Insurance Advisernet members to accelerate their growth and facilitate long-term succession,” AUB CEO Mike Emmett said.

“We also hope that the benefits offered by this new venture will attract additional authorised representatives and brokers in the market to become members of Insurance Advisernet.”

AUB already has a 50% stake in Insurance Advisernet, which founder and Chairman Ian Carr says has been growing at more than 20% a year.

The group’s practices have 85,000 clients generating more than $650 million in premiums.

“Over the years, we have assisted many practices to commence their own business and flourish, and now we can assist even further by providing the complete ‘cradle to grave’ solution,” he said.

More details in our regular bulletin on Monday.