Top FSI recruiter expands into insurance

Patrick Bunsci

17 May 2023

Financial services industry recruitment firm Profusion has significantly increased its profile in the insurance and business services space, announcing the acquisition of market-leading insurance industry specialist recruiter Kennedy Reid.

The acquisition greatly expands Profusion’s reach in the insurance sector, with Kennedy Reid, founded in 2010, providing dedicated recruitment services for senior roles in the general, health and life insurance and business services space, including risk, product, business support, technology, HR and finance and accounting positions.

The recruiters, both prominent in the wider financial services sector, confirmed they will continue to operate under their respective brands.

Matt Bennett, chief executive of Profusion, welcomed the merger, noting the companies’ combined and complementary expertise in the finserv space.

“As the insurance sector continues to undergo significant change, our ability to deliver specialty services and deepening our market insights will continue to set our offering apart for our clients,” Bennett said in a statement.

Stuart Freeman, founder of Kennedy Reid, said the company was “thrilled to join forces with Profusion, a company that shares our passion for delivering outstanding results in the financial services and insurance sectors”.

He added: “This partnership will allow us to leverage each other’s strengths, driving growth and providing even greater value to our clients.”

Founded in 2004, Profusion is among Australia’s most prominent and successful recruiters in the financial services space. Since its opening in 2005, the company boasts more than 12,000 successful senior placements within the sector.

Profusion owner Redwood North, a private equity firm, confirmed the Kennedy Reid acquisition was financed through existing shareholders.

Paul Barton, Redwood North Partner, said the Profusion brand has performed strongly since its acquisition in 2021, which was borne out by existing shareholders funding the Kennedy Reid acquisition “debt free”.

Barton added: “Redwood North remains bullish on the recruitment market and will continue to seek acquisition opportunities.”

Profusion was last April recognised in the Australian Financial Review’s 2023 Best Places to Work Awards – the only organisation financial services specialist recruitment to make the list.