15 August 2013 Swaab advises on deal to form leader in construction industry insurance broking

Swaab advised Australia's largest privately owned insurance broker Coverforce on the acquisition of Australian insurance broker MA Risk Solutions.

Coverforce has acquired 100% of the Australian operations of MA Risk Solutions which Coverforce CEO, Jim Angelis, says will strengthen Coverforce's position as the insurance broker of choice for the Australian construction industry.
“The MA Risk team is well respected by the construction industry and when combined with Coverforce will represent the leading insurance broker to this important sector. Coverforce has now completed seven broker acquisitions and is progressing additional opportunities," said Angelis.
Founder of MA Risk, Michael Pengly, will remain actively engaged in the business as a senior adviser to Coverforce. Mr Pengly commented, “The team at MA Risk are delighted to be working with Coverforce. We considered several other potential acquirers for the business but in the end the fit between Coverforce and MA Risk was compelling. We are bringing together two strong general broking and wholesale broking teams to create one of Australia’s largest independent insurance brokers.”
The deal was lead by partner Alistair Jaque and team senior associate Andrew Draper and associate Kelly Marshall.

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