InterRISK boosts GWP in big buy

INTERRISK, ALREADY an $80 million a year GWP insurance broker, is boosting its books with the acquisition of long-time SME and scheme business Lyne & Associates in Sydney.

InterRISK Australia Pty Ltd today revealed “the significant acquisition” of Lyne & Associates, former representative of Brookvale Insurance Brokers (BIB).

This move reinforced the company’s strategy of expanding its business through strategic acquisitions, InterRISK said.

InterRISK, which has Souls Private Equity Ltd as its major shareholder, was founded in 2004 and has arranged gross written premiums of $80 million through organic growth.

This new acquisition achieved an InterRISK stated objective of “attaining a key market position in the SME and Affinity insurance market space”.

“The Lyne business can best be described as a balanced book of SME, scheme and corporate clients. It is a strong performing business and is a credit to the 25 years hard work Alan Lyne has dedicated to it,” said Dennis Guy, managing director, InterRISK.

“The venture brings substantial mutual benefits generating premium throughput in excess of $10 million.”

Alan Lyne said he had decided to partner with InterRISK as it best fitted his business model.

“We needed to be aligned with an organisation that had established operations in other states to provide local service for some of our rapidly expanding affinity schemes.

“I was also conscious of the fact that I wanted to enhance the buying power of all of my clients and offer expanded service delivery options that they would appreciate.”

The Lyne & Associates team will operate as an InterRISK Australia branch but will continue to operate out of its existing offices in the upper socio-economic suburb of Balgowlah, in Sydney’s eastern region.

Alan Lyne said he intended to remain in with the business for the immediate future and expressed his appreciation of the support that BIB provided throughout their business relationship.

“I have no hesitation in wishing Mike Olofinsky and his team all the best for the future, they certainly remain the premier insurance broker in their region,” he said.

For the future, InterRISK planned to continue actively seeking out sound acquisition opportunities, and portfolio balance would be of critical importance as the company continued to develop, Mr Guy said.