Melbourne-based Insurance House Group says it should double its $250 million annual premium income following a major investment in the business.

As reported in a Breaking News bulletin last week, an investment group led by former AMP CEO Paul Batchelor has taken a “significant minority interest” in Insurance House.

Yorkway Partners says it will work closely with the Insurance House board and management led by MD Jay Fereday to drive growth.

Insurance House is a privately owned general insurance brokerage and underwriting business employing more than 180 staff. It has offices in Sydney, Melbourne and Brisbane, plus rural NSW and Victoria. It also has a network of 50 authorised representatives.

Mr Fereday told insuranceNEWS.com.au the investment will bring further regional growth, an expansion of its full-service capability across a broad client base, and development of its affinity, authorised representative and underwriting agency businesses.

“The first thing is to double that [$250 million] figure in the next 3-5 years,” he said.

“This investment also frees up our balance sheet, and gives us the ability to continue to make acquisitions.

“We made 15 acquisitions in the past 10 years and we can continue at that rate or greater.”

A statement issued following the deal says Yorkway “originated and structured the transaction, assembling a consortium of high-net-worth investors through its subsidiary Yorkway Equity Partners”.

Mr Fereday says the investment “brings significant industry knowledge, expertise and networks to the table, both through the Yorkway team and individual investors within the consortium”.

The partnership and capital investment is intended to help Insurance House become a prominent player in regional Australia.

Mr Batchelor, a former CEO of AMP, has joined the Insurance House board. The Insurance House deal is the 10th Yorkway has originated, structured and transacted. Its total enterprise value is now about $1 billion.

The Yorkway team comprises former business executives and directors, with capital drawn from internal resources and a consortium of individuals, family offices and institutions.