AUB Group expands further outside Australia
AUB Group expands further outside Australia | Insurance Business Australia
Mergers & Acquisitions
AUB Group expands further outside Australia
Swoop includes insurance technology platform and AR network
Mergers & Acquisitions
By
Terry Gangcuangco
Australia-headquartered AUB Group, which in June announced its swoop for 40% of UK-based authorised representative (AR) network Momentum Broker Solutions, is expanding further in Britain by agreeing to snap up an 80% equity stake in the Movo Group of Companies (Movo).
The deal, pending regulatory approval and financial terms of which were not disclosed, spans Movo’s AR network Movo Partnership, equity broking group Movo Insurance Brokers, and insurance technology platform Durell Software.
Movo Insurance Brokers consists of independent equity-owned brokers offering specialised and commercial products across 11 locations. Movo Partnership comprises over 100 brokers and places more than £110 million premium, including that handled by the broking group.
Durell, meanwhile, provides advanced software solutions for policy administration and front-office management. The platform handles over £270 million in gross written premium and serves around 189 clients, including 120 brokers. The platform is also expanding into the managing general agent market and supports brokers with delegated authority.
The new majority shareholding aligns with AUB’s ongoing expansion efforts, leveraging the group’s extensive know-how in managing retail broking businesses, AR networks, and insurance technology platforms in Australia and New Zealand.
For Movo, which came to life in 2010, the equity partnership will allow the company to maintain its independence and entrepreneurial ethos while benefitting from AUB’s industry expertise, a broader range of broker options, and new growth opportunities.
The leadership team at Movo – including founder and equity broking director Golan Lambranzi, Movo Partnership chief executive Lea Cheesborough (pictured), finance director Claire Pickett, and Durell managing director Tom White – brings a wealth of industry experience to AUB.
Reflecting on the investment, Cheesborough said: “We are delighted to join the AUB Group family. From our initial discussions with Mike Emmett and the AUB team, it was clear that our business models were closely aligned.
“We sought a partner who could help us achieve our strategic goals, including a strong emphasis on social impact, and AUB is an ideal fit. Their expertise will enhance our teams, expand opportunities for our brokers, and elevate our business to new heights.
“This partnership heralds an exciting new phase as we advance our plans to further enhance our network’s offerings and service value proposition, for the ultimate benefits of our brokers and their clients. I would also like to extend my heartfelt thanks to our exceptional staff, whose dedication has been instrumental to Movo’s success.”
White added: “We are very excited to announce our partnership with AUB Group, which will allow us to fully exploit the potential in Durell’s technology, challenge the incumbent models, and address the emerging and evolving needs of the UK insurance market.
“It has been amazing working with Movo for the last two years, and the deal with AUB accelerates our plans. Movo’s expertise in the UK broking market and AUB’s experience and success in investing and growing insurance technology businesses provide a unique platform to support our brokers and for the business to capture a larger share of the market.”
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