AUB Group Ltd., the Sydney, Australia-based brokerage and underwriting agency group, announced it has entered into an agreement to acquire 95.9% of Prestige Insurance Holdings Ltd. for $432 million (US$300.1 million).
Founded in 1973, Prestige is a diversified insurance broking and underwriting platform in the UK with more than A$300 million (US$208.4 million) in gross written premiums, employing approximately 650 people.
Prestige comprises a retail broking business placing £170 million (US$233.5 million) of premium across 18 branches and a portfolio of specialist managing general agents writing approximately £140 million (US$192.2 million) of premium supporting more than 550 broking partners in the UK. Prestige’s broking businesses include AbbeyAutoline, Open and Direct, Bond Lovis and Find Insurance NI, while its MGA businesses are Prestige Underwriting and Octane London Market.
In addition, Prestige operates Covernet, an insurtech unit that supports major global insurers and MGAs, servicing over £330 million (US$453.2 million) in premium via its platform.
The acquisition of Prestige provides AUB with entry into the UK MGA segment, “currently a largely untapped opportunity,” the company said.
“Our acquisition of Prestige Insurance represents a major step forward in the execution of our UK strategy. Prestige Insurance brings a powerful combination of retail broking strength, specialist underwriting capability and leading insurance technology—exactly the platform required to scale meaningful growth and build on our existing capability in one of the world’s most significant insurance markets,” according to Mike Emmett, CEO of AUB Group, in a statement on LinkedIn.
“By combining AUB’s proven broking and MGA operating model with Prestige Insurance’s established brands, leadership and distribution footprint, we are creating a strong, future focused retail platform for the UK,” Emmett continued.
“The planned integration of our Tysers Retail portfolios into Prestige Insurance will further reinforce this foundation, extend the breadth of solutions we can offer brokers and clients and deliver value to our shareholders,” he said.
AUB acquired the UK broker Tysers in 2022.
“This is a landmark moment for Prestige Insurance. With six decades in the industry, we have built a leading insurance group across broking, underwriting, and insurtech, firmly rooted across the UK and Ireland,” commented Trevor Shaw, CEO of Prestige Insurance Holdings Ltd., in a statement.
“Partnering with AUB Group gives us an exceptional platform to accelerate our growth, invest further in our people and services, and expand our presence across our current markets, while retaining the independence and culture that have been central to our success. Our commitment to our customers, partners and stakeholders remains unchanged.”
With this partnership, Emmett said, AUB is well positioned “to support Prestige Insurance in delivering on its long-term strategic ambitions across the UK and Ireland.”
The transaction is subject to regulatory approval and expected to complete before June 30, 2026.
Prestige Insurance Holdings Ltd. was advised by Continuum Advisory Partners, Carson McDowell and EY; AUB Group was advised by Deloitte and Pinsent Masons.
Topics
Mergers & Acquisitions
Agencies
Australia
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