Suncorp has announced the sale of its authorised representative (AR) network business Resilium, through a management buyout led by Adrian Kitchin who will continue as Managing Director.
Suncorp CEO Customer Marketplace Pip Marlow, said the move to operate as an independent business is positive for Resilium, its customers and the sector.
“Suncorp is very supportive for Resilium to operate as a standalone business. We’re committed to working with Adrian and his team to ensure a smooth transition for the Corporate Authorised Representative (CAR) network, Resilium customers and our people,” she said.
“This transition enables Resilium to further invest in its products and services to better meet the needs of its CAR network and customers.”
Suncorp has bought AMP’s general insurance business in 2011, and turned it into Resilium. Marlow said the sale will further optimise the Suncorp business while continuing to connect customers to products and services from third parties and intermediated partners.
“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,” she said.
Kitchin said it was an exciting time for Resilium, “Our CAR network are highly engaged insurance professionals, and this will allow us to reinforce our position as the number one CAR network of choice.”
“With the support of Suncorp, we have built a strong business and I want to continue this momentum providing trusted and customised advice, products and support to our customers.
“We will ensure this is a smooth transition with minimal disruption for all of our valued customers and employees, and we look forward to continuing to build the Resilium brand for many years to come.”
The sale is expected to be completed by the end of the financial year.