AUB Group agrees to acquire UK insurance platform

AUB Group has agreed to acquire a majority shareholding in Prestige Insurance as it looks to accelerate its scale and expansion in the UK retail insurance market.

The transaction, which is expected to be completed before 30 June 2026, marks an expansion of AUB’s UK platform and will see Prestige Insurance become its flagship retail broking business in the market.

Prestige Insurance is the holding company for a portfolio of broking businesses, including AbbeyAutoline, Open and Direct, Bond Lovis and Find Insurance NI.

It also has MGA operations in Prestige Underwriting and Octane London Market, as well as insurtech platform Covernet.

AUB said the deal would materially accelerate its scale in the UK retail insurance market and would utilise Prestige Insurance’s broking, MGA and technology models.

Mike Emmett, chief executive at AUB, said the acquisition was a key milestone in the execution of its UK strategy. He said Prestige Insurance brought together “retail broking strength, specialist underwriting capability and leading insurance technology”.

Emmett added that the planned integration of AUB’s Tysers’ retail portfolios into Prestige Insurance would extend the breadth of propositions available to brokers and clients, while reinforcing AUB’s wider UK footprint alongside its existing investments in Movo and Momentum AR networks.

‘Landmark moment’

Prestige Insurance employs around 650 people across the UK and Ireland. Its broking operations write more than £170m of gross written premium across 18 branches, while its MGA businesses write £140m of GWP, supporting more than 550 broking partners. 

Under the terms of the agreement, Prestige Insurance will continue to operate as a standalone organisation across broking, underwriting and insurtech under the leadership of chief executive Trevor Shaw.

The business will retain its independence, while gaining access to AUB’s scale.

Shaw said the partnership represented a “landmark moment” for the group, adding that it would enable further investment in people, services and market expansion while maintaining Prestige Insurance’s existing approach.

Prestige Insurance was advised on the transaction by Continuum Advisory Partners, Carson McDowell and EY. AUB Group was advised by Deloitte and Pinsent Masons.