Australian broking group acquires majority stake in Movo

Australian insurance broking business Aub has agreed to acquire an 80% equity stake in UK-based Movo Group.

Founded in 2010, Movo has an authorised representative (AR) network, an equity broking group and an insurance technology platform called Durell Software.

The AR network, known as the Movo Partnership, comprises of more than 100 brokers, while the Durrell platform currently transacts gross written premium (GWP) in excess of £270m.

Aub has taken a majority stake in the group as part of plans to continue expanding into the UK retail broking segment.

This is not the first deal the firm has struck this year to help with this – back in June, it announced that it had signed a deal to acquire a 40% equity stake in UK-based Momentum Broking Solutions.

Aub also has over 5,000 team members that work with 950,000 clients to place 10bn AUD in insurance premiums.

Mike Emmett, Aub group chief executive 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.”

Opportunities

Movo’s leadership team consists of Golan Lambranzi, founder and equity broking director, Lea Cheesborough, chief executive of Movo Partnership, Claire Pickett, finance director, and Tom White, managing director of Durell Software.

“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,” Emmett said.

“We are enthusiastic about the opportunities this partnership presents and are dedicated to supporting Movo and Durell in achieving their ambitious objectives.”

Cheesborough added: “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.”