Envest will take a “significant” stake in Ando Insurance Group, a New Zealand underwriting agency with more than $NZ500 million ($451 million) in annual gross written premium across personal and commercial lines.

“New Zealand is an attractive growth market for Envest and, as a significant shareholder, we can offer Ando the support for future growth,” Envest Agencies CEO Richard Heilig said.

He says the investment is a strategic move for the Ardonagh-owned insurance distribution business as it grows in New Zealand.

Ando CEO John Lyon, who founded the agency with head of broker Dean Edwards, said: “Our successful operational model, focused on people and relationships first, is unchanged, driven by the current executive and senior management team who continue as significant shareholders.

“This is a signal of our ongoing commitment to our brokers and end customers in New Zealand and there will be no operational impact for this change in the shareholding.”

Envest says Ando will be part of its New Zealand agency and broking portfolio, which includes recently acquired Sage Underwriting.

The investment is subject to regulatory approvals.