The AUB Group Limited has agreed to acquire an 80% equity stake in the Movo, group of companies, including Durell Software Ltd, subject to regulatory approval.
AUB Group is a top 20 global broker listed on the Australian Stock Exchange. With a team of over 5,000 professionals, AUB Group serves approximately 1million clients and facilitates the placement of more than AUD 10 billion in insurance premiums annually.
AUB Group’s existing UK investments include leading Lloyd’s broker Tysers and a 40% stake in Momentum Insurance Group.
Tom White, MD of Durell Software said:
“We are very excited to announce our partnership with AUB Group, which will allow us to fully exploit the potential in Durell’s technology, challenge the incumbent models and address the emerging and evolving needs of the UK insurance market.
It has been amazing working with Movo for the last two years and the deal with AUB accelerates our plans. Movo’s expertise in the UK broking market and AUB’s experience and success in investing and growing insurance technology businesses provides a unique platform to support our brokers and for the business to capture a larger share of the market.”
Commenting on the announcement, Mike Emmett, AUB Group CEO and Managing Director, said:
“We are thrilled to announce our partnership with Movo and Durell. This strategic investment is aligned with AUB Group’s objective to expand our presence in the UK retail broking market, leveraging our extensive expertise and capabilities developed in Australia and New Zealand. We look forward to collaborating with Golan, Lea, Claire, Tom and the Movo and Durell teams to drive further growth and enhance the value we offer to brokers and clients. We are enthusiastic about the opportunities this partnership presents and are dedicated to supporting Movo and Durell in achieving their ambitious objectives.”