AUB Group, which is placed by AM Best's Review on the "Top 20 Global Brokers 2024" list, has agreed to acquire an 80% equity stake in the Movo Group of Companies (Movo).
The acquisition includes:
- Authorised Representative (AR) network, Movo Partnership
- Equity broking group, Movo Insurance Brokers, and
- Insurance technology platform, Durell Software
AUB says in a statement that the investment marks a further strategic milestone for the group as it continues to expand into the UK retail broking segment. AUB plans to leverage its extensive experience and proven expertise in managing leading retail broking businesses, AR networks, and insurance technology platforms across Australia and New Zealand to deliver enhanced value to Movo’s broking partners and clients.
For Movo, this partnership ensures the retention of its independence and entrepreneurial spirit while gaining access to AUB’s deep industry knowledge, an expanded range of options for brokers, and new avenues for growth.
The transaction is subject to regulatory approval.
AUB says that Movo’s leadership team—including Golan Lambranzi (founder and equity broking director), Lea Cheesbrough (CEO of Movo Partnership), Claire Pickett (finance director) and Tom White (MD, Durell Software)—brings extensive industry experience and is dedicated to enhancing partner offerings and reinforcing its market presence.
Movo
Founded in 2010, Movo Group is an insurance broking business in the UK market, that successfully integrates:
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Movo Partnership, an AR network comprising 100+ brokers which utilise Movo’s governance, compliance, and infrastructural services, placing over GBP110m ($144m) premium (including Movo Brokers)
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Movo Brokers, a portfolio of independent equity-owned brokers offering commercial-focussed and specialised products across 11 locations – genuine local presence with a Principal-led, owner-driver culture
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Durell Software is a leading provider of proprietary software for policy administration and a front-office web application designed to streamline and manage insurance and wealth management operations.
AUB
AUB Group is listed on the Australian Stock Exchange and ranks among the top 20 global insurance broking groups. With a team of over 5,000 professionals, AUB Group serves approximately 1m clients and facilitates the placement of more than A$10bn ($6.7bn) in insurance premiums annually. The Group’s diverse portfolio includes retail and wholesale insurance brokers, as well as underwriting agencies, operating across approximately 570 locations worldwide. AUB Group’s notable networks include Austbrokers, NZbrokers, Insurance Advisernet, the MGA Insurance Group, and Momentum Broker Solutions.