AUB Group to acquire Prestige
AUB group, an Australian broker and underwriter, announced an agreement to acquire UK broker and underwriting agency business Prestige Underwriting for £219 million. Under the agreement, AUB will acquire 95.9% of PIHL Holdings, with the deal expected to be completed before June 30, subject to regulatory approval.
Prestige employs ~650 people and operates as a holding company for a range of businesses across the UK and Ireland. Its business activities include retail broking, MGA brands, and an insurance technology platform. The group reported more than £310 million in gross written premiums last year.
AUB says the investment marks a major strategic step in accelerating its expansion in the UK retail insurance market and positioning it to launch into the nation’s managing general agency segment.
“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. 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.” – Trevor Shaw, CEO of Prestige Insurance.
“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. 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. 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.” – Mike Emmett, AUB Group CEO and Managing Director.
