Tysers and Movo owner AUB to acquire Prestige creating £720m UK business
AUB Group has agreed to buy 95.9% of Prestige Insurance Holdings for A$432m (£219m).
It describes Prestige as “a diversified insurance broking and underwriting platform in the UK with over £300m gross written premium,” and that it represented AUB’s entry into the UK MGA segment, “currently a largely untapped opportunity”.
AUB noted the deal “materially bolsters” AUB’s scale to be a £720m GWP business in the UK.
The Prestige insurance broking businesses includes AbbeyAutoline, Open and Direct, Bond Lovis & Find Insurance NI; the MGA arms includesPrestige Underwriting & Octane
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