AUB to acquire Lloyd’s wholesale broker Tysers
9 Could 2022
AUB Group has entered into an settlement to acquire UK-based Lloyd’s wholesale broker Tysers for $880 million.
Tysers is the sixth largest wholesale broker within the Lloyd’s market, writing annual gross premium of $3.6 billion.
“The acquisition represents an vital subsequent step within the AUB technique to construct out our shopper providing and danger experience,” AUB CEO Mike Emmett mentioned at present.
“Tysers offers AUB Group the power to entry a various vary of dangers and insurance coverage varieties for our purchasers and broker networks in Australia and New Zealand while additionally gaining the aptitude to speed up the institution of latest businesses in these markets.”
The acquisition might contain potential further deferred consideration of up to $176 million, payable two years after deal completion, based mostly on the achievement of income targets.
Individually, AUB and PSC Insurance coverage have entered right into a non-binding settlement for PSC to acquire a 50% stake in Tysers’ UK retail division as a part of a 50/50 three way partnership between the 2 companies.
PSC CEO Tony Robinson says the three way partnership represents a chance to safe a 50% stake in a “significant UK retail broker” which is consistent with the group’s technique to increase within the UK and diversify its middleman enterprise.
AUB says it expects to full the acquisition within the first half of subsequent monetary 12 months, topic to regulatory approvals.
Extra particulars in our bulletin this afternoon.