Avant Mutual, Australia’s leading medical indemnity defence organisation, medical indemnity insurance provider and owner of the Doctors Health fund, has acquired a 45% stake in Kooyong Group, a specialist lender and advisory business for medical professionals. The arrangement includes options to increase this shareholding over time. Avant will appoint two Directors to Kooyong Group’s board.
Kooyong Group was established in 2017 and is headed by Investec Bank veterans James Ostroburski (former CEO), Dianne Stewart, Penny McGregor and Jacqui Lombard.
Avant Mutual’s investment will support Kooyong Group’s vision to become Australia’s leading specialist lender to doctors.
Avant Mutual has more than 50% of Australia’s doctors as members. It is owned by members and run for their benefit.
Kooyong Group founder and former CEO James Ostroburski said:
Our two organisations share a commitment to putting our clients and members at the centre of everything we do while improving the communities around us. Joining forces makes perfect sense.
Avant Financial Services CEO Julie Webster said:
We are committed to supporting our members and other doctors with an increasing range of best-in-breed financial products and services, delivered to them in the way that is consistent with our values and mutual ethos. We have been impressed with the calibre of the Kooyong founders and believe that by working together we can support them to deliver market-leading lending solutions specifically designed for doctors and other health professionals. We intend to support Kooyong to continue to operate as an independent company.