AUB announces operating model restructure

AUB announces operating model restructure | Insurance Business Australia

Insurance News

AUB announces operating model restructure

CEO of overseas unit leaving ahead of further changes

Insurance News

By
Terry Gangcuangco

Tysers chief executive Clive Buesnel (pictured right) is leaving the London-headquartered Lloyd’s insurance broker following completion of key tasks under the first phase of the company’s AUB Group ownership.

In a release sent to Insurance Business, Tysers noted: “Clive was appointed CEO of Tysers in June 2020 with the significant task of managing the company through a period of COVID lockdowns, dealing with Press speculation arising from uncertainty around the sales process together with addressing technology infrastructure that at the start of the pandemic did not support remote working, and managing regulatory investigations relating to historic activities in Latin America.

“Although primarily motivated by the sale completion, when AUB announced the acquisition of Tysers, Clive kindly agreed to work with AUB to manage Tysers through the first phase of AUB ownership. This has included the delivery of a series of key tasks such as the introduction and induction of a new Tysers chair, a restructure of the Tysers executive team, simplification of the Tysers operating model, and the split-out of Tysers operations into the three distinct groups of wholesale, retail, and managing agencies.”

According to Tysers, it has been agreed that Buesnel will leave at the end of the month now that the abovementioned tasks have been completed.

Planned restructure

Meanwhile, it appears the Tysers business will be integrated into the wider AUB Group, which mainly operates in Australia and New Zealand.

“There are strong commonalities between retail broking across Australia, New Zealand, and the UK,” Tysers said when it announced Buesnel’s departure. “In the same way there are strong synergies and alignment between managing/underwriting agencies across the AUB geographies. As a result, we are further evolving the AUB Group operating model going forward to coordinate retail broking, wholesale broking, and underwriting agencies as global operations.”

While the restructure is carried out, AUB Group chief executive Mike Emmett (pictured left when Tysers was acquired in 2022) will serve as Tysers interim CEO.

“I have known Clive for a number of years and would like to thank and acknowledge the incredibly collegiate and supportive way in which he has assisted with the transition of Tysers ownership to the AUB Group,” Emmett commented. “To facilitate the changes we have announced today, I shall (subject to obtaining all relevant regulatory approvals) be stepping in as interim CEO of Tysers to finalise the range of activities currently underway and to further optimise and restructure the business.

“During the year ahead, we will be appointing a new CEO of wholesale broking (global), to be based in London. To coordinate retail broking, we have already established a global retail broking leadership group made up of senior broking executives in Australia, New Zealand, and the UK. This model will evolve over time, and we ultimately envisage appointing a global head of retail, to be based in Australia. Over time we also propose to appoint a CEO of underwriting agencies (global).”

He added: “We are delighted by the progress we are making across the group, including with Tysers. We continue to see exceptional results achieved by phenomenal teams in each part of the group. I’d like to thank Clive for his fantastic contribution to Tysers and wish him all the best for his next chapter.”

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