AUB Group enters into an Equity Partnership with Movo Group
AUB Group Limited (AUB) has announced a significant expansion into the UK insurance market by acquiring an 80% equity stake in the Movo Group of Companies, which includes the Authorised Representative (AR) network Movo Partnership, Movo Insurance Brokers, and the insurance technology platform, Durell Software. This move aims to enhance AUB's presence in the UK retail broking segment by leveraging its experience in managing retail broking businesses, AR networks, and insurance technology platforms across Australia and New Zealand.
The acquisition represents a significant milestone for AUB as it seeks to deliver enhanced value to Movo’s broking partners and clients. AUB's extensive experience in the insurance sector is expected to benefit Movo by providing new growth opportunities and an expanded range of options for brokers. Mike Emmett, CEO and Managing Director of AUB Group says: "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."
Movo Group's Unique Position
Founded in 2010, Movo Group is a unique player in the UK insurance market, integrating a broking portfolio, an AR network, and an innovative insurance technology platform. The group’s model supports scalability and growth potential, actively aiding the next generation of brokerages to maintain independent operations. Movo Brokers, a portfolio of independent equity-owned brokers, operates across 11 locations, offering commercial-focused and specialised products with a principal-led, owner-driven culture. The Movo Partnership AR network comprises over 100 brokers, placing premiums exceeding £110 million.
Durell Software, a key component of the acquisition, is a leading provider of proprietary software for policy administration and front-office applications designed to streamline and manage insurance and wealth management operations. The platform currently transacts gross written premiums (GWP) in excess of £270 million and serves 189 clients, including 120 broking customers. Tom White, Managing Director of Durell Software, says: “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.”
Movo's leadership team, including Founder and Equity Broking Director Golan Lambranzi, CEO of Movo Partnership Lea Cheesborough, Finance Director Claire Pickett, and MD of Durell Software Tom White, brings extensive industry experience to the table. The team is committed to enhancing partner offerings and reinforcing Movo's market presence. Lea Cheesborough expressed optimism about the partnership, stating, “We sought a partner who could help us achieve our strategic goals, including a strong emphasis on social impact, and AUB is an ideal fit.”
Regulatory Approval and Market Impact
The transaction is subject to regulatory approval, but it is expected to significantly impact the UK insurance market by providing Movo with access to AUB’s deep industry knowledge and resources. This partnership is anticipated to elevate Movo’s business to new heights and expand opportunities for its brokers. Movo Partnership was recently ranked 38th in the Financial Times' list of the 1000 fastest-growing companies in Europe, underscoring its growth trajectory and market potential.AUB Group, listed on the Australian Stock Exchange, ranks among the top 20 global insurance broking groups, serving approximately one million clients and facilitating the placement of over AUD$10bn in insurance premiums annually. The group's diverse portfolio includes retail and wholesale insurance brokers and underwriting agencies, operating across approximately 570 locations worldwide.
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