AUSTRALIA’S FIRST INTERMEDIARY FIRM is set to raise a further $11 million in Series A funding, making it Australia’s largest private equity firm.
Barrister was founded by former Australian Federal Police officer Peter Carr in 2007 to provide insurance intermediary services to people on the dole, such as students and the unemployed.
Mr Carr said the funding would be used to expand Barrister’s portfolio and “build on its reputation as a high-quality provider of insurance solutions.”
“This investment is part of our continuing efforts to grow our business and build upon our reputation as the first private equity to provide commercial insurance intermediary service in Australia,” he said.
“Barriss’ portfolio will include high-end property and casualty insurance, and is focused on providing both commercial and personal property insurance, in particular for businesses.”
Barristans portfolio is diverse, with a focus on a wide range of businesses, from health care to education, with Mr Carr noting that “all our clients are people on a dole.”
“We provide a range of services including personal insurance, health care, personal property, home insurance, property insurance and more,” he told the ABC.
“We also provide the largest private insurance portfolio in Australia with over $100 billion in total assets.”
“In 2016, we were the number one private equity investment in Australia, with our investment portfolio worth $11 billion,” Mr Carr said.BARRISSON’S NEXT BIG ADVANTAGE: WHAT THEY’RE SAYING ABOUT THE NEW PAPER The Australian Financial Review says the investment comes after a period of uncertainty over Barristers future and the possibility of a return to private equity.BARBORISSON’s NEXT BIG ADVANTAGEThe article says:”It is a huge win for Barriss.
It will be an exciting and exciting time for Barristans business, it will be a huge opportunity for Barrister and it is a very strong indicator that Barriss is moving in the right direction.””
Bought from a company with a history of taking risks in order to improve the state of the industry.
It is a new direction for Barrisons future.”WHAT YOU NEED TO KNOW ABOUT INVESTMENT INVESTMENTS In September, Barriss bought a US investment fund called New Century, which is also a private equity fund.
New Century’s chief executive, Kevin O’Connor, said Barriss would focus on improving the company’s performance in a bid to attract investment.
Mr O’Neill said: “We believe Barriss’ future lies in delivering a stronger business model and an enhanced service, which will allow it to be competitive in the global insurance market.”BARRISTANS NEXT BIG RISEBarrisons management board is expected to vote on a new director on Friday, but a statement from the company said the board was still deciding who would take on the role.
“It was always our intention to appoint a Director of the Barrister Group, with the expectation that the new director will be the first Australian of Asian origin to hold this position,” it said.WHAT ABOUT ANOTHER BROADCASTING CHANNEL?
Mr Ollis said Barrister had been an important part of the growth of ABC Australia’s portfolio.
“As a company we have a strong relationship with ABC Australia,” Mr Olliss said.ABC managing director David Gorman said the company had a long-standing partnership with Barriss, which extended back to the late 1980s.
“Our partnership is strong and continues to support the ABC’s core business, our quality journalism and the future of Australia’s media,” he added.ABC News: ‘Barrisi is a strong business’ABC News reports that Barrisi is the largest privately-owned insurance provider in Australia and that the Australian Capital Territory’s private insurance market has seen a significant increase in the past five years.
“The growth has been driven by the launch of a range