AUB Group has agreed to accumulate a 40% stake in Momentum Dealer Options, a UK-based insurance coverage dealer.
The partnership marks a big growth of AUB’s retail broking footprint within the UK market and is geared toward leveraging its in depth expertise in working Delegated Authority and Authorised Consultant (AR) Networks.
It’s set to learn Momentum’s broking companions and shoppers, serving to them achieve entry to AUB’s experience for additional progress, whereas permitting Momentum to keep up its independence.
The deal awaits regulatory approval.
Arrange in 2010, Momentum is recognised because the premier AR community within the UK, with greater than 100 companions and in extra of £90m ($114.39m) in premiums positioned yearly.
Momentum founder and managing director Howard Pepper stated: “We’re delighted to advise that AUB Group, a number one participant within the Australian and New Zealand AR market, are making an fairness funding in Momentum.
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“AUB is among the fastest-growing international insurance coverage broking networks with a broad vary of investments in all sectors of the business.
“A partnership between AUB and Momentum aligns to our strategic agenda, given AUB’s mannequin permits us to retain our independence while offering entry to unparalleled experience and increasing our skill to spend money on the additional progress of Momentum and our AR companions.”
AUB, listed on the Australian Inventory Alternate, has a workforce of round 5,000.
The corporate serves round 950,000 shoppers and locations roughly A$10bn ($6.59bn) in insurance coverage premiums throughout a worldwide community of retail and wholesale insurance coverage brokers and underwriting businesses, together with outstanding networks corresponding to Austbrokers, NZbrokers, Insurance coverage Advisernet and the MGA Group.
AUB CEO and managing director Mike Emmett stated: “We’re delighted to announce our partnership with Momentum, a high-performing enterprise with a wonderful administration crew, which has delivered spectacular progress thus far.
“Our funding in Momentum is a foundational step to allow AUB’s technique to construct scale and functionality within the UK Retail Broking market, a section of great curiosity given our expertise and capabilities on this space within the Australian and New Zealand markets.”
