Domain Group to expand services with insurance offering
Domain Group is to expand into insurance, adding to its range of ancillary offerings as the property site prepares to separate from its parent company, Fairfax.
Domain CEO Antony Catalano, said: “Our new insurance offering will contribute to growing new transactional revenues for Domain through exposure to a total Australian market opportunity of more than $2 billion per annum in insurance commissions.”
Domain Insure will operate as a joint venture with insurance specialist Envest, with Domain holding a 70% stake.
I wonder when the market will get sick of these Fairfax thought bubbles? If we go back in time, there have been expensive failed “innovations” by this company’s string of “leaders” – all of which produced nothing more than a small pile of ash where the cash used to be.
Fairfax was a strong business, with huge cash flows that could fund a few experiments. But it’s now a shell and the purportedly healthy Domain bit is its main hope. Like many others I’d like to know what TPG ran away from. I suspect at its heart the problem is that Domain relies on newspapers and with Hywood’s help they are nearly dead. The Fairfax saga is rolling into one of those Johnny Depp pirate phases – a lot of ghosts and a few desperados chasing a last bit of gold.