Written on 19 August, 2024

AUB Group Limited (AUB) and the Movo Group of Companies (Movo) are pleased to announce that AUB has agreed to acquire an 80% equity stake in Movo, including:

• Authorised Representative (AR) network Movo Partnership
• Equity broking group, Movo Insurance Brokers, and
• Insurance technology platform, Durell Software

This investment marks a further strategic milestone for AUB as it continues to expand into the UK retail broking segment. AUB plans to leverage its extensive experience and proven expertise in managing leading retail broking businesses, AR networks, and insurance technology platforms across Australia and New Zealand to deliver enhanced value to Movo’s broking partners and clients.

For Movo, this partnership ensures the retention of its independence and entrepreneurial spirit while gaining access to AUB’s deep industry knowledge, an expanded range of options for brokers, and new avenues for growth.

The transaction is subject to regulatory approval.

About Movo

Movo Group is a unique insurance broking business in the UK market, that successfully integrates a broking portfolio, an AR network, and an insurance broking technology platform. Founded in 2010, Movo combines a robust client base with a rapidly expanding AR network and innovative software solutions. This model positions Movo for significant scalability and growth potential, while actively supporting the next generation of brokerages to benefit from independent operations. Portfolio businesses within Movo include:

• Movo Brokers, a portfolio of independent equity-owned brokers offering commercial-focussed and specialised products across 11 locations – genuine local presence with a Principal-led, owner-driver culture
• Movo Partnership, an AR network comprising of 100+ brokers who utilise Movo’s governance, compliance, and infrastructural services, placing over £110 million premium (including Movo Brokers)
• Durell Software is a leading provider of proprietary software for policy administration and a front-office web applicatiom designed to streamline and manage insurance and wealth management operations. The platform currently transacts GWP in excess of ~£270 million and has ~189 clients, including 120 broking customers. As well as catering to traditional brokers, Durell is an emerging provider to MGAs and brokers with delegated authority, enabling them to develop schemes and open-market products facilitating both B2B transactions with brokers and B2C with brokers’ end-customers. Movo and Durell have been working together with insurer and broker partners to develop Quote Portal, a comprehensive E-trading platform that will provide cost-effective and efficient access to an extensive panel of insurance products.

Movo’s leadership team, including Golan Lambranzi (Founder and Equity Broking Director), Lea Cheesbrough (CEO of Movo Partnership), Claire Pickett (Finance Director) and Tom White (MD, Durell Software), brings extensive industry experience and is dedicated to enhancing partner offerings and reinforcing its market presence. Notably, Movo Partnership has recently been ranked 38^th in the Financial Times ‘1000 fastest growing companies in Europe’.

Commenting on today’s announcement, Lea Cheesbrough, CEO of Movo Partnership, stated:

“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.”

Commenting on today’s announcement, Tom White, MD of Durell Software, stated:

“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 provides a unique platform to support our brokers and for the business to capture a larger share of the market.”

About AUB Group

AUB Group Limited (ASX: AUB) is a prominent entity listed on the Australian Stock Exchange and ranks among the top 20 global insurance broking groups. With a team of over 5,000 professionals, AUB Group serves approximately 1m clients and facilitates the placement of more than AUD 10 billion in insurance premiums annually. The Group’s diverse portfolio includes retail and wholesale insurance brokers, as well as underwriting agencies, operating across approximately 570 locations worldwide. AUB Group’s notable networks include Austbrokers, NZbrokers, Insurance Advisernet, the MGA Insurance Group and Momentum Broker Solutions.

Commenting on today’s announcement, Mike Emmett, AUB Group CEO and Managing Director, said:

“We are thrilled to announce our partnership with Movo and Durell. This strategic investment is aligned with AUB Group’s objective to expand our presence in the UK retail broking market, leveraging our extensive expertise and capabilities developed in Australia and New Zealand. We look forward to collaborating with Golan, Lea, Claire, Tom and the Movo and Durell teams to drive further growth and enhance the value we offer to brokers and clients. We are enthusiastic about the opportunities this partnership presents and are dedicated to supporting Movo and Durell in achieving their ambitious objectives.”

Thank you to advisors on both sides – Movo were advised by Grant Thornton, Gannons and InsureLaw Gibraltar; AUB Group were advised by Deloitte and Pinsent Masons.

For further information, contact:

• Lea Cheesbrough, CEO Movo Partnership, at [email protected] or +44 7552 129 669
• Gurbaj Pawar, AUB Group Head of Strategy, at [email protected]