The investment represents a strategic milestone for AUB Group as it continues its foray into the UK retail broking sector. Credit: hyotographics / Shutterstock.

Australia’s AUB Group has made further inroads into the UK with an agreement to acquire an 80% equity stake in the Movo Group of Companies.

The acquisition includes Movo’s Authorised Representative (AR) network, Movo Partnership, equity broking group Movo Insurance Brokers, and insurance technology platform Durell Software.

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This deal awaits regulatory clearance. 

Movo Insurance Brokers operates a network of independent, equity-owned brokers specialising in commercial products across 11 locations.

The Movo Partnership’s AR network has over 100 brokers utilising Movo’s governance and infrastructure services, managing premiums in excess of £110m ($143.1m).

Durell Software contributes to the group’s offerings with proprietary policy administration solutions and a web application designed to enhance insurance and wealth management operations.

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The investment represents a strategic milestone for AUB Group as it continues its foray into the UK retail broking sector.

AUB Group intends to apply its expertise from managing retail broking businesses, AR networks, and insurance technology platforms in Australia and New Zealand to add value to Movo’s broking partners and their clients.

For UK broker Movo, the partnership with AUB Group promises to preserve its independence and entrepreneurial culture while providing access to AUB’s industry knowledge, a broader range of options for brokers, and new growth opportunities.  

AUB Group CEO and managing director Mike Emmett said: “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.

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

Movo Partnership CEO Lea Cheesbrough said: “We are delighted to join the AUB Group family. From our initial discussions with Mike Emmett and the AUB team, it was clear that our business models were closely aligned. 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.”

In June 2024, AUB Group agreed to acquire a 40% stake in UK’s Momentum Broker Solutions, an AR network that has more than 100 partners and places over £90m in premiums annually.