Australia’s AUB Group said on Tuesday it will acquire a 95.9% stake in UK-based private insurance broking and underwriting platform PIHL Holdings for A$432 million ($298.47 million).
The acquisition will help the insurance broking firm to accelerate its scale and expand its presence in the UK retail insurance market, the company said.
AUB expects to tap more than A$10 million in cost synergies on a run-rate basis by the end of FY27, as well as additional revenue upside from cross-sell opportunities with
existing Tysers Wholesale and Retail businesses in the UK, it said.
Founded in 1973, PIHL Holdings, or Prestige, is a differentiated insurance group with operations in UK and Ireland markets.
AUB will fund the transaction through an A$400 million equity raise at A$29.40 per new share, representing a 7.9% discount to its last close.
Meanwhile, the company forecast its underlying net profit after tax (NPAT) to be in the range of A$90 million to A$91 million for the first half of 2026, compared to A$79.3 million reported a year before.
Source: Reuters.com