AUB Group to purchase Tysers for £500m
The Lloyd’s wholesale broker has entered a binding agreement to be bought by AUB.
Tysers is to be bought by Australian insurer and broker AUB Group for £500m with a further £100m to be paid if Tysers meets performance targets.
The deal, announced over the weekend, will also see AUB sell 50% of Tysers UK retail operation to PSC Insurance as part of a joint venture. PSC is an Australian listed broker with existing UK retail broking capacity.
Last month AUB confirmed it was in talks with the broker and its owner Odyssey Investment Partners about a potential acquisition.
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