Prestige to become AUB’s primary UK retail brand
AUB Group has outlined its UK broking plans and signalled further M&A is on the cards, having signed up to buy 95.9% of Prestige Insurance Holdings for A$432m (£219m) last month.
The deal was given the green light by the Financial Conduct Authority last week and is now expected to complete before 1 May.
Across broking and managing general agents, it will create a £720m gross written premium UK retail business, with Prestige accounting for £310m of the pot.
The Prestige insurance broking businesses span AbbeyAutoline, Open and Direct, Bond Lovis and Find Insurance NI with £170m of premium; the MGA arm includes Prestige Underwriting & Octane London Market; and it owns
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