AUB, PSC Insurance issue update on UK joint venture

The 50/50 joint venture between ASX-listed companies AUB Group and PSC Insurance Group that features the UK retail division of London-based brokerage Tysers is expected to become official in May.

In an update, AUB said: “As previously announced by AUB Group Limited, it is intended that PSC Insurance will acquire a 50% stake in Tysers’ UK retail division as part of a 50/50 joint venture with AUB.

“The parties continue to make good progress in connection with finalisation of this transaction, and AUB is confident that the Tysers UK retail joint venture will proceed with effect from May 1, 2023.”

Tysers, a Lloyd’s wholesale broker, came under AUB ownership last September.

Meanwhile, PSC Insurance, in its own announcement, noted: “We have previously advised that we expect to enter into the joint venture with AUB Group regarding the Tysers retail business with effect from April 1, 2023.

“Finalisation of documentation is continuing and progressing positively. Consequently, we now expect the joint venture to be in operation with effect from May 1, 2023.”

PSC Insurance – which three weeks ago completed its purchase of Ensurance Limited’s UK operations – added that its group guidance in February excludes any potential contribution from the Tysers JV.

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