Leading non-ADI lender Liberty, has expanded its ability to serve its customers and business partners by acquiring a strategic stake in Australia’s leader in providing mortgage protection to the broking channel, ALI Group.
ALI was established in 2003 and has protected more than 175,000 Australian home and property buyers with almost $48 billion in cover. ALI’s mortgage protection products are distributed by over 4,500 authorised brokers, with premiums and pay-out ratios comparing favourably to leading life insurers. James Boyle, Chief Executive Officer of the Liberty Group, said ALI aligned strategically with Liberty’s vision of providing homeowners and mortgage brokers with innovative and valued financial solutions.
“ALI’s expertise in life insurance sales, with leadership in the mortgage broker channel, is complemented by the general insurance business of Liberty Group company LFI, which provides choice to consumers in the personal finance market.
“I am delighted that Liberty formed this significant partnership with ALI. We have shared values and passion for supporting mortgage brokers and helping customers get financial.
“As a leading lender to everyday Australians and families, it is very important to us that our customers are made aware of important life risks and that quality protection is accessible and affordable,” Mr Boyle said.
ALI Chief Executive Officer and shareholder, Huy Truong, said he was excited by Liberty’s partnership, which will be the foundation for significant further growth of the business. “Liberty shares ALI’s vision of protecting Australian homeowners and working with Liberty’s 20 years of distribution expertise and extensive network of broker relationships, I am confident we will increase our presence so that even more Australian families are protected”.
“It has been widely reported that Australia is under insured. This is especially true of young families or mortgage holders with significant debt. ALI has dedicated itself to protecting this market where financial vulnerability to serious illness or involuntary unemployment can be severe.
”I am looking forward to continuing our mission of protecting Australian home and property buyers, and by working closely with the Liberty team, I believe we can achieve our mission even faster and more effectively,” Mr Truong said.