Fairfax Media-owned property platform Domain and investment company Envest have set up a joint venture to sell insurance online later this year.

Domain will own 70% of Domain Insure, with the remaining 30% owned by Hollard-linked Envest and the joint venture’s key management.

Envest is majority-owned by Hollard Investments.

“The joint venture will become an underwriting agency with delegated authority to sell insurance products on behalf of multiple insurers,” Fairfax Media says.

Financial details about the venture are confidential.

“Our new insurance offering will contribute to growing new transactional revenues for Domain through exposure to a total Australian market opportunity of more than $2 billion per annum in insurance commissions,” Domain CEO Antony Catalano said.

“Domain Insure adds to Domain’s suite of real estate products and services spanning home loans, utilities connections and trade services, which together deliver on our ambition to meet the modern needs of property consumers throughout their property life cycle of buying, owning and selling.”

Domain has not outlined the range of insurance products it will sell, or whether any insurance partners will be involved with the venture.

Domain is the publishing group’s crown jewel, with digital revenue up 22% and total revenue growth of 13% so far this financial year, according to a trading update last Thursday.

Fairfax’s other businesses reported declines in revenue.