Network Insurance Group (NIG) is delighted to announce that it has acquired a strategic shareholding in rapidly expanding Consolidated Insurance Agencies (CIA), effective 1st March 2023.
Headed up by Perminder Rayat (MD) and Nathan Woodhead (CEO), Melbourne-based CIA has a strong presence in three locations across Hampton East, Ringwood, and Caroline Springs, serving over 6,000 clients nationwide. The
brokerage comprises several specialist units, including a bespoke Chinese Business Division led by Robbie Li and its own Strata Insurance Division – “Strata Protect” – led by Arthur Tsoukatos.
On behalf of the entire Network team, NIG’s CEO Andrew Broughton commented, “We are thrilled to partner with a brokerage of the quality of CIA and to work with Permi and Nathan. There are many parallels between our businesses,
not least of which is CIA’s demonstrated ability to have successfully integrated over four acquisitions in the past ten years whilst still outperforming in terms of client service, organic growth and building a wonderful internal culture
across a multi-location business. Victoria is already one of NIG’s premier performers and we have been looking for the right cultural and business partnership which we have now found – CIA is already a substantial player placing over
$67M in GWP and our partnership also means that Network moves north of $400M in placed GWP for our nearly 50,000 national and international clients – 2023 promises to be huge.”
CIA CEO Nathan Woodhead and MD Permi Rayat said “On behalf of our team at CIA we are excited to begin our strategic partnership with Network Insurance Group to assist us to take our brokerage to the next stage of our business journey. We have been privileged to know Andrew and Adam for a number of years and have been continually discussing synergies amongst both businesses and now is the right time to consolidate and utilise our joint offerings to the betterment of our stakeholders. As we share the same core values of being proactive to client needs and providing exceptional service, we are excited to leverage the resources of our larger organisation to benefit all stakeholders in our relationships. Our commitment to delivering the highest level of professional standards ensures that we provide essential insurance protection to each and every one of our clients.”