It looks like the British joint venture between AUB Group and PSC Insurance Group has hit a snag.

The 50/50 deal, at the centre of which is the UK retail division of London-based brokerage Tysers, was initially slated for completion by May. Now the Australian partners are saying that the timeline is changing.

“Finalisation has been delayed as we continue to discuss a number of commercial items, including the intended term of the joint venture and the terms and rights between PSI (PSC Insurance) and AUB on conclusion of the joint venture,” stated PSC Insurance in a stock exchange filing.

“We expect to finalise these items in the coming weeks and will provide an update when this is done.”

In a previous update in March, the two camps cited “good progress” in connection with the transaction crossing the finish line.

AUB purchased Tysers, a Lloyd’s wholesale broker, for AU$880 million in 2022.