Independent brokerage Coverforce today confirmed that management shareholders have acquired investment firm Pemba Capital Partners’ 49% ownership in the business.

The transaction, which completed on December 24, means management shareholders now own 100% of the company.

Coverforce, which is Australia’s largest privately-owned insurance broker, told insuranceNEWS.com.au that “both parties were pleased with the terms of the deal”.

“The entire Coverforce team are delighted with the management buyout and are focused on the continuation of our success,” CEO Jim Angelis said.

“Future investment will be directed to areas that deliver exceptional outcomes to our partner network and customers.”

Pemba was at the centre of a proposed acquisition of Coverforce by AUB Group in August 2019.

The acquisition bid was withdrawn after it was opposed by Coverforce management and became the subject of a court dispute.