Envest has acquired a majority stake in Bendigo Insurance Brokers, which will become part of the growing Aviso Group network.

“This partnership expands our regional presence and adds value through the exceptional people that make up Bendigo Insurance Brokers,” Aviso Group CEO Travis Kemp said.

“Bendigo aligns with our ethos of growing good businesses with great local people.”

Bendigo Insurance Brokers, founded 35 years ago, has a team of 11 and places gross written premium of $20.6 million. The partnership increases Aviso Group’s GWP to $954.6 million.

“Working with Envest means joining forces with a growing leader in our industry, and I believe there has never been a better moment,” Bendigo MD Phil Hetherington said.

“I am grateful for the support of our founder and former majority shareholder Dennis Raftery, and look forward to what the future holds with the support of Envest and the Aviso Group.”

Former MD Mr Raftery has sold his majority stake in the Bendigo business and will retire from his most recent position as chairman.

“This decision was made with great care, and I am confident that Envest, Aviso Group and [parent] Ardonagh are best positioned to support Bendigo Insurance Brokers’ future growth and development, and opportunities for our staff and existing Bendigo-based shareholders,” Mr Raftery said.