Australian investment firm Yorkway Capital Partners acquired a minority stake in Insurance House, a private general insurance brokerage and underwriting business.
Yorkway completed a minority investment in May and Yorkway founder, Paul Batchelor, a former CEO of AMP Ltd., joined the Insurance House board.
The partnership will help position Insurance House as a prominent player in regional Australia, the company said in a statement on its website. Yorkway did not disclose further details about the deal.
Batchelor believes the capital injection will help Insurance House become a "third large player in [the] market" to rival AUB Group Ltd and Steadfast Group Ltd. The Australian Financial Review reported May 23. Insurance House has a strong regional presence in Australia with a business that spans a number of areas including commercial insurance, agribusiness and workers compensation.
Insurance House will focus on building out the business and there are no near-term plans to list the company on the Australian stock exchange. Batchelor said keeping the company private provides it with more flexibility, but it may consider a listing in three to five years.
