Sydney-based broker network said will scale its core business and enhance its ability to leverage technology and target new customer segments.
AUB Group inked a binding agreement to increase its ownership of Adelaide-based MGA Whittles Group, an insurance broking and strata management company, to 100% for $140 million. The deal is expected to be completed on March 31.
The top-250 ASX-listed company said it will maintain the management teams and operating profile of MGA and Whittles, with John George continuing as executive chairman and MGA and Whittles continuing to operate under existing brands and leadership teams.
AUB also acquired a 40% stake in online insurance distribution platform BizCover for $132 million.
As part of the deal, AUB and BizCover will deliver Austbrokers ExpressCover, a new quote-to-bind platform exclusive to Austbrokers members which significantly enhances broking services to clients.
BizCover’s co-founder, Michael Gottlieb, will continue as managing director; while co-founder Brad Miller and key members of the BizCover leadership team will continue their current roles. AUB has the right to nominate up to two directors to the board of BizCover.