“A powerful team”: IAG acquires Mums & Co, the network empowering women in business

Business network for mums and women Mums & Co has been fully acquired by Insurance Australia Group (IAG), the parent company of NRMA Insurance.

The general insurer announced this week it had recently increased its investment to wholly acquire the business.

Mums & Co was co-founded in 2016 by Carrie Kwan after she was approached by IAG to help it create a support network program for women and mothers across Australia.

The Mums & Co community following, including its members, is more than 28,600 strong.  

Kwan told SmartCompany the acquisition represents an exciting era and leadership opportunity for organisations and brands to show how deeply they care for customers and the community.

“I’m proud to have led Mums & Co to this opportunity and look forward to working together to add value to NRMA Insurance’s customers and de-risk business for business-owning women and mothers, and their ‘Co’, ” she said. 

“On a personal note, the acquisition of Mums & Co means a return to corporate life for me.

“I’m a two-time founder that started my career in corporate, so it feels great to come ‘full-circle’ and champion the role of intrapreneurship at a company that is committed to making the world of business-owning women a safer place, whilst still knees deep in advocating for female entrepreneurship and investment in women-led ventures.”

Kwan says there will be no change to the Mums & Co team, operations or service, only more support and scale. 

“The psychologically safe space we’ve created for our community to be connected, collaborative and to be more productive will remain and continue to thrive,” she said. 

“NRMA Insurance and Mums & Co make a powerful team supporting women to start and stay in business. Mums & Co celebrates the optimism and bravery of starting something new, NRMA Insurance supports them if things don’t go to plan.

“This exciting new phase gives more business women access to our digital subscription which helps our members build deep networks, access strategic guidance, resources and support.”

Kwan says the acquisition also means Mums & Co can tap into the strength and scale of NRMA Insurance.

“We can continue to back the women and mums behind the businesses that make Australia amazing,” she said. 

“It provides the best of both worlds for Mums & Co to continue with our entrepreneurial spirit, buoyed by the support and resources of NRMA Insurance, one of Australia’s most trusted brands.”

On Monday, NRMA Insurance and the McKell Institute launched the the ‘Micro but Mighty: Magnifying Microbusiness in Australia’ report, which found that over the past four years, the microbusiness sector has been the fastest growing business sector in Australia, increasing in size by 14%.

Kwan says the report found microbusinesses face a variety of barriers. 

“As of September 2022, 35% of businesses were owned by women. With lower barriers to entry, women are creating more businesses than men, and this increasingly becomes a viable option to earn an income and balance career and family,” she said. 

“However, as the report shows, microbusinesses are often overlooked and don’t get the attention and support they deserve. It’s vital to continue to support women at all stages of business and motherhood.

“We have some way to go, as of the 2.28 million microbusinesses across Australia, we are aiming to support as many of these women-led businesses to succeed.”

NRMA Insurance CEO Julie Batch said as The Micro but Mighty report shows, while the microbusiness sector is fast-growing and making a significant contribution to the economy, it still faces unique challenges when it comes to starting and staying in business.

“Through our small business insurance, we are here to help when things don’t go to plan, but we also want to support these entrepreneurial business owners beyond the insurance we provide,” she said.

“The acquisition of Mums & Co was a natural progression for NRMA Insurance and we are thrilled to continue to support a platform that helps business-owning women build their expertise and networks.

“Our investment will enable Mums & Co scale-up so that together we can help even more microbusinesses across the country succeed.

“We also look forward to working with all levels of government to address the key challenges and opportunities outlined in our report, to support the continued growth of microbusinesses in Australia.”