AUB Group to acquire 80% equity stake in UK insurance broker Movo

Australian insurance broker AUB Group has entered into an equity partnership with Movo Group, a UK insurance broking business. The transaction is subject to regulatory approval.

AUB has agreed to acquire an 80% equity stake in Movo, including: Authorised Representative (AR) network Movo Partnership; equity broking group, Movo Insurance Brokers; and insurance technology platform, Durell Software.

According to the announcement, this investment marks a further strategic milestone for AUB as it continues to expand into the UK retail broking segment.

AUB plans to leverage its experience and expertise in managing 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.

Movo’s leadership team, including Golan Lambranzi (Founder and Equity Broking Director), Lea Cheesborough (CEO of Movo Partnership), Claire Pickett (Finance Director) and Tom White (MD, Durell Software), will join AUB bringing extensive industry experience.

Mike Emmett, AUB Group CEO and Managing Director, said: “We are thrilled to announce our partnership with Movo and Durell. 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.

“We look forward to collaborating with Golan, Lea, Claire, Tom and the Movo and Durell teams to drive further growth and enhance the value we offer to brokers and clients. We are enthusiastic about the opportunities this partnership presents and are dedicated to supporting Movo and Durell in achieving their ambitious objectives.”

For Movo, this partnership ensures the retention of its independence and entrepreneurial spirit, the firm stated, while gaining access to AUB’s deep industry knowledge, an expanded range of options for brokers, and new avenues for growth.

Lea Cheesborough, CEO of Movo Partnership, commented: “We are delighted to join the AUB Group family. From our initial discussions with Mike Emmett and the AUB team, it was clear that our business models were closely aligned. 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.

“Their expertise will enhance our teams, expand opportunities for our brokers, and elevate our business to new heights. This partnership heralds an exciting new phase as we advance our plans to further enhance our network’s offerings and service value proposition, for the ultimate benefits of our brokers and their clients. I would also like to extend my heartfelt thanks to our exceptional staff, whose dedication has been instrumental to Movo’s success.”

Tom White, MD of Durell Software, stated: “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. It has been amazing working with Movo for the last two years and the deal with AUB accelerates our plans.

“Movo’s expertise in the UK broking market and AUB’s experience and success in investing and growing insurance technology businesses provides a unique platform to support our brokers and for the business to capture a larger share of the market.”

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