AUB Group buys 40% stake in Momentum Broker Solutions
AUB Group buys 40% stake in Momentum Broker Solutions | Insurance Business Australia
Insurance News
AUB Group buys 40% stake in Momentum Broker Solutions
Deal expands group’s UK market presence
Insurance News
By
Roxanne Libatique
AUB Group Limited (AUB) has agreed to acquire a 40% equity stake in Momentum Broker Solutions (Momentum), a prominent authorised representative (AR) network in the UK.
This transaction is pending regulatory approval and signifies a strategic expansion for AUB in the UK market.
What to expect from AUB’s acquisition of 40% equity stake in Momentum
AUB aims to use its extensive experience in managing delegated authority and AR networks in Australia and New Zealand to benefit Momentum’s partners and clients.
This investment will enable Momentum to maintain its independence while accessing AUB’s expertise to drive further growth.
What is Momentum Broker Solutions?
Founded in 2010, Momentum is a leading AR network in the UK, with over 100 partners managing more than £90 million in premiums annually. The network is known for supporting start-ups and small independent brokers, achieving consistent double-digit growth since its inception.
The company is managed by a team of seasoned professionals with substantial investments in people and systems.
Howard Pepper (pictured, left), founder and managing director of Momentum, commented on the partnership: “We are delighted to advise that AUB Group, a leading player in the Australian and New Zealand AR marketplace, are making an equity investment in Momentum. AUB is one of the fastest growing global insurance broking networks with a broad range of investments in all sectors of the industry. In developing Momentum, we took a lead from the success of the model in other territories, in particular Australia.
“The size and success of the marketplace in Australia illustrates the scope of the opportunity, and we are incredibly proud to be working with AUB as an investor and excited by the opportunities this will provide for us and our partners. A partnership between AUB and Momentum aligns to our strategic agenda, given AUB’s model enables us to retain our independence while providing access to unparalleled expertise and expanding our ability to invest in the further growth of Momentum and our AR partners.”
What is AUB Group?
AUB, listed on the Australian Stock Exchange, is among the top 20 largest global insurance broking groups. With a workforce of over 5,000, AUB serves approximately 950,000 clients and manages around AUD 10 billion in insurance premiums.
The group’s portfolio includes retail and wholesale insurance brokers and underwriting agencies operating in roughly 570 locations worldwide, including notable networks like Austbrokers, NZbrokers, Insurance Advisernet, and the MGA Group.
Mike Emmett (pictured, right), CEO and managing director of AUB, commented on the deal: “We are delighted to announce our partnership with Momentum, a high-performing business with an excellent management team which has delivered impressive growth to date.
“Our investment in Momentum is a foundational step to enable AUB’s strategy to build scale and capability in the UK Retail Broking market, a segment of significant interest given our experience and capabilities in this area in the Australian and New Zealand markets. I am pleased to welcome Howard and the Momentum team to the AUB family, and look forward to working with them as they continue to enhance their value proposition for brokers and clients and continue their exciting progress.”
This equity partnership is expected to bolster the capabilities of both AUB and Momentum in the insurance broking sector, enhancing their market presence and service offerings in the UK.
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