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.