Priority One Network Group – in which Insured Group has a 20% stake – plans to raise $15-$18 million for acquisitions and working capital in a stock exchange float.

The offer will open tomorrow with a share price of 30 cents and close on January 18, with the Australian Securities Exchange listing expected on February 4.

It comes as Priority One plans to offer a loyalty reward program and payment portal for cardholders and merchants.

The portal and co-branded debit card will offer cash credits rather than reward points.

Priority One’s prospectus states Insured Group and Jardine Lloyd Thompson (JLT) will provide insurance to cardholders.

Insured Group will give credits on insurance products to cardholders.

Priority One has previously taken a 16.6% stake in Insured Group.

It has also entered an agreement enabling JLT to market insurance to cardholders – a deal that is non-exclusive in Australia and New Zealand but exclusive elsewhere.

Priority One cardholders will receive up to 10% of the commission from any JLT insurance products sold to them. Priority One will receive a 20% interest in revenues under the service agreement.

Barry Driscoll is Chairman of Insured Group and Priority One, and Insured Group Finance Director Sam DiGiacomo becomes a Priority One director. Both have small shareholdings – 0.84% each – in Priority One.