AUB Group Limited has struck a deal to acquire a majority shareholding in PIHL Holdings Limited, parent company of UK-based Prestige Insurance, as the Australian insurance brokerage group charts a new course following the collapse of a multibillion-dollar takeover bid late last year.
The transaction, subject to regulatory approval, is expected to complete before June 30, 2026.
Under the agreement, Prestige Insurance will serve as AUB's primary UK retail broking platform. Plans include consolidating Tysers' retail portfolios into Prestige Insurance's operations. The company will continue to operate as a standalone organisation under chief executive Trevor Shaw (pictured above).
Shaw described the deal as "a landmark moment" for Prestige Insurance, noting that the partnership provides a platform to accelerate growth while maintaining the company's independence and culture.
The announcement comes as AUB requested a trading halt on the Australian Securities Exchange last week, pending an institutional placement and share purchase plan.
The capital raising follows less than three months after a $5.25 billion takeover bid from private equity giants EQT and CVC Asia Pacific fell apart.
Swedish private equity firm EQT and Hong Kong-headquartered CVC Asia Pacific ended their discussions to acquire AUB in December. The proposed deal, which valued the company at approximately $45 per share, had been closely watched by industry observers as a bellwether for private equity appetite in the insurance distribution sector.
AUB's chief executive stated at the time that the due diligence process had "reaffirmed our confidence" in the company's strategy – a sentiment the broker now appears to be backing with its push into the UK market.
Prestige Insurance operates across three segments: broking, managing general agents, and insurance technology.
Its broking portfolio – comprising AbbeyAutoline, Open and Direct, Bond Lovis, and Find Insurance NI – writes more than £170 million in gross written premium across 18 branches in the United Kingdom and Ireland, serviced by approximately 350 sales staff.
The group's MGA businesses, Prestige Underwriting and Octane London Market, write £140 million GWP in partnership with A-rated insurers. Covernet, Prestige's insurance technology platform, services more than £330 million GWP for clients including insurers and MGAs.
AUB Group chief executive Mike Emmett framed the acquisition as a critical step in the company's 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," Emmett said.
Emmett added that integrating Tysers' retail portfolios into Prestige Insurance will extend the range of solutions available to brokers and clients across the combined platform.
