Latest news from Australia;
AUB Group Limited (AUB) has entered into a binding agreement to purchase Tysers, a leading Lloyd’s wholesale broker and is undertaking an equity capital raising to provide funding towards the acquisition. Tysers is a leading specialist international insurance broker based in London and the 6th largest wholesale broker in the Lloyd’s marketplace, writing annual gross premiums of AUD3.6 billion.
AUB Group entered into an agreement with sellers Odyssey Investment Partners to acquire 100% of Tysers for AUD880 million (GBP500 million).
The acquisition is consistent with AUB’s strategy to provide support for clients with international placement needs, to capture further economics in the broking value chain and accelerate scale in its Agencies.
Commenting on the transaction, Mike Emmett, AUB Group CEO said: “The acquisition represents an important next step in the AUB Strategy to build out our client offering and risk expertise. Clive Buesnel, Tysers CEO, is a highly respected insurance executive in the Lloyds and London market, and we are delighted to welcome him and the Tysers team to the AUB family as we embark on a new chapter for both AUB Group and Tysers.”
Clive Buesnel, Tysers CEO said: “AUB is the perfect partner to allow Tysers to continue our proud history and support our growth ambitions. The strategic and cultural alignment is clear, and we are excited about executing on future opportunities together. We are proud of our culture and track record and look forward to working collaboratively and innovatively with AUB.”