Australian Broker AUB Secures Majority Stake in UK’s Prestige for A$432 Million
AUB Group Ltd., a prominent brokerage and underwriting agency based in Sydney, Australia, has announced a significant acquisition. The company has entered into an agreement to acquire 95.9% of Prestige Insurance Holdings Ltd. for A$432 million (approximately US$300.1 million).
Founded in 1973, Prestige Insurance is a diversified platform for insurance broking and underwriting in the UK. The company boasts over A$300 million (around US$208.4 million) in gross written premiums and employs approximately 650 individuals.
Prestige operates a retail broking business that places £170 million (about US$233.5 million) of premium across 18 branches. Additionally, it has a portfolio of specialist managing general agents (MGAs) that write approximately £140 million (around US$192.2 million) of premium, supporting more than 550 broking partners throughout the UK. Notable brands under Prestige’s broking umbrella include AbbeyAutoline, Open and Direct, Bond Lovis, and Find Insurance NI. Its MGA businesses consist of Prestige Underwriting and Octane London Market.
Furthermore, Prestige runs Covernet, an insurtech unit that aids major global insurers and MGAs, servicing over £330 million (approximately US$453.2 million) in premium through its platform.
This acquisition marks AUB’s entry into the UK MGA segment, which the company describes as “currently a largely untapped opportunity.”
Mike Emmett, CEO of AUB Group, stated, “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.” This statement was made in a LinkedIn post.
Emmett further elaborated, “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.”
He also mentioned that the planned integration of AUB’s Tysers Retail portfolios into Prestige Insurance will enhance their foundation, broaden the solutions available to brokers and clients, and ultimately deliver value to shareholders.
AUB previously acquired the UK broker Tysers in 2022.
Trevor Shaw, CEO of Prestige Insurance Holdings Ltd., remarked, “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.” He added, “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.”
Emmett concluded that 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 is expected to be completed before June 30, 2026.
Prestige Insurance Holdings Ltd. received advisory support from Continuum Advisory Partners, Carson McDowell, and EY, while AUB Group was advised by Deloitte and Pinsent Masons.
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AUB Group Ltd., a prominent brokerage and underwriting agency based in Sydney, Australia, has announced a significant acquisition. The company has entered into an agreement to acquire 95.9% of Prestige Insurance Holdings Ltd. for A$432 million (approximately US$300.1 million).
Founded in 1973, Prestige Insurance is a diversified platform for insurance broking and underwriting in the UK. The company boasts over A$300 million (around US$208.4 million) in gross written premiums and employs approximately 650 individuals.
Prestige operates a retail broking business that places £170 million (about US$233.5 million) of premium across 18 branches. Additionally, it has a portfolio of specialist managing general agents (MGAs) that write approximately £140 million (around US$192.2 million) of premium, supporting more than 550 broking partners throughout the UK. Notable brands under Prestige’s broking umbrella include AbbeyAutoline, Open and Direct, Bond Lovis, and Find Insurance NI. Its MGA businesses consist of Prestige Underwriting and Octane London Market.
Furthermore, Prestige runs Covernet, an insurtech unit that aids major global insurers and MGAs, servicing over £330 million (approximately US$453.2 million) in premium through its platform.
This acquisition marks AUB’s entry into the UK MGA segment, which the company describes as “currently a largely untapped opportunity.”
Mike Emmett, CEO of AUB Group, stated, “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.” This statement was made in a LinkedIn post.
Emmett further elaborated, “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.”
He also mentioned that the planned integration of AUB’s Tysers Retail portfolios into Prestige Insurance will enhance their foundation, broaden the solutions available to brokers and clients, and ultimately deliver value to shareholders.
AUB previously acquired the UK broker Tysers in 2022.
Trevor Shaw, CEO of Prestige Insurance Holdings Ltd., remarked, “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.” He added, “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.”
Emmett concluded that 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 is expected to be completed before June 30, 2026.
Prestige Insurance Holdings Ltd. received advisory support from Continuum Advisory Partners, Carson McDowell, and EY, while AUB Group was advised by Deloitte and Pinsent Masons.
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