AUB also signed non-binding term sheet with PSC Insurance. Credit: Pete Linforth from Pixabay.

Australian insurance broker AUB Group has agreed to acquire London-based Lloyd’s wholesale insurer broker Tysers in a deal worth $620.5m (A$880m), from Odyssey Investment Partners

The acquisition forms part of the Australian firm’s efforts to expand its range of its products.

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Employing about 1,100 people, Tysers writes annual gross premiums of A$3.6bn. It is said to be sixth biggest wholesale broker in the Lloyd’s marketplace.

AUB CEO Mike Emmett said that the acquisition represents the firm’s important next step in AUB Strategy to build out client offering and risk expertise.

Emmett added: “Tysers provides AUB Group the ability to access a diverse range of risks and insurance types for our clients and broker networks in Australia and New Zealand whilst also gaining the capability to accelerate the establishment of new agencies in these markets.”

The deal is planned for completion in the first half of 2023. It is  subject to regulatory approvals.

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Tysers CEO Clive Buesnel said: “AUB is the perfect partner to allow Tysers to continue our proud history and support our growth ambitions. The strategic and cultural alignment is clear, and we are excited about executing on future opportunities together.”

To fund the acquisition, the Australia equity-based insurance broker plans to use A$350m equity raising, A$176m shares placement, and a new A$675m debt facility.

Separately, AUB has signed a non-binding term sheet with Australian insurance broking and insurance intermediary business PSC Insurance.

As per the terms, PSC will purchase 50% stake in Tysers’ UK retail arm, as a part of a 50-50 joint venture (JV) with AUB.

The Tysers UK retail business includes four branches in central and south-east England.