03/05/2013 - 15:18

Insurance business sold after ‘solvent liquidation’

03/05/2013 - 15:18

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Recently-established consulting group Avior Consulting has brokered the sale of Perth-based insurance business Australian Network Adjusters.

Insurance business sold after ‘solvent liquidation’
Avior Consulting managing director Dermott McVeigh.

Recently-established consulting group Avior Consulting has brokered the sale of Perth-based insurance business Australian Network Adjusters.

The original founder of ANA, Jaye Kumar, has bought the business for an undisclosed sum.

The unusual sale process involved the appointment last month of Avior Consulting managing director Dermott McVeigh as liquidator of the company that owned ANA.

Mr McVeigh, who was previously a partner in the restructuring practice at Deloitte, said his appointment followed a dispute between ANA’s shareholders.

“This was unique because it came out of a dispute,” he said.

Mr McVeigh said there was “quite a bit of competition” between the two competing bidders, with the rival bid coming from the owners of ANA’s state-based affiliates.

ANA was founded in 2000 as an alternative to the big loss adjusters, which estimate losses for insurance companies.

It was designed to blend the centralised management, common reporting and service standards of a national operation, with the service benefits of independent, state-based operators.

The network covers all states and territories and offers general and specialist lines of adjusting claims services.

ANA has also been a leader in the application of systems process management to the insurance claims industry.

Mr Kumar said ANA had been 14 years in the making.

“I will do all I can to keep the name and grow the business. We have made a difference in the market, both to clients and our network members who have been provided with a lifeline to maintain their independent operations and be part of a national organisation.”

Mr McVeigh said Avior was focused on restructuring and financial modelling in difficult circumstances.

Australian Network Adjusters required help to restructure the shareholding of its business quickly and efficiently and we were able to help with an independent and professional service that achieved this objective through a solvent liquidation process,” he said.

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