Australian broking group acquires stake in UK-based AR network

Australian insurance broking group Aub had signed a deal to acquire a 40% equity stake in UK-based Momentum Broking Solutions.

Momentum is an authorised representative network with over 100 partners that place over £90m in premium in the market.

Aub said that investing in the network formed part of its plans to expand its retail broking footprint in the UK.

“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,” Mike Emmett, Aub group chief executive and managing director,” said.

“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.”

Strategy

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

The firm said that the partnership with Momentum would allow it “to retain its independence and entrepreneurial drive, whilst providing access to unparalleled expertise and the ability to invest in further growth”.

Howard Pepper, founder and managing director of Momentum, said: “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 whilst providing access to unparalleled expertise and expanding our ability to invest in the further growth of Momentum and our AR partners.”