It’s official – Lloyd’s wholesale broker Tysers is now owned by ASX-listed firm AUB Group Limited. AUB, which consists of insurance brokers and underwriting agencies in over 500 locations across Australia and New Zealand, has completed its purchase of the London-headquartered brokerage.
AUB Group has announced its acquisition of Strata Unit Underwriters (SUU) from Insurance Australia Group (IAG). A media statement from the brokerage giant said IAG will continue to provide underwriting capacity to SUU under a long-term binder agreed.
AUB Group earnings have jumped following a strong rise in profit from Australian broking and expansion of the agencies business, as the company looks toward the completion of its major UK Tysers acquisition.
Australian Broking continued to grow strongly
JUNE/JULY 2022 - Insurance News magazine
Australian insurers are increasingly concerned about taking on “out of the ordinary” risks, AUB Group CEO and MD Mike Emmett says.
AUB Group Limited (AUB) today announces it has entered into a binding agreement to purchase Tysers, a leading Lloyd’s wholesale broker and is undertaking an equity capital raising to provide funding towards the acquisition.
AUB Group Limited has released its half yearly results. The ASX200 listed company that operates a network of brokers and underwriters across Australia and New Zealand reported a net profit after tax (NPAT) of $30.6 million, up by almost 17%.
Finsura Financial Services Group (Finsura), a member of the Austbrokers network in Castle Hill, has acquired Hornsby-based R J Vaughan & Monaghan (Vaughan & Monaghan).
AUB Group is not the first big insurance industry company to adopt a formal policy around flexible work practices.
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