Suncorp will sell its authorised representative (AR) network, Resilium, through a management buyout led by Adrian Kitchin, the company said today.
Mr Kitchin will continue as MD of the business after the sale, which is expected to be completed by the end of the financial year.
Suncorp CEO Customer Marketplace Pip Marlow says the move to a standalone business enables Resilium to further invest in its products and services to better meet the needs of the network and customers.
“We’re committed to working with Adrian and his team to ensure a smooth transition for the corporate authorised representative network, Resilium customers and our people,” she said.
“We have formed a long-term strategic alliance which allows Resilium to distribute Suncorp’s GIO and Vero-branded products, alongside those from other insurers.”
Resilium reported revenue of $69.2 million last financial year and a profit of $159,000.
More details in our regular bulletin this afternoon.