AUB reports Momentum and Movo deal costs
Sydney-headquartered AUB Group has revealed the costs of snapping up 40% of appointed representatives network Momentum Broker Solutions and 80% of fellow AR offering Movo Group last year, and promised more deals to come.
The minority stake transaction with Momentum was first announced in June. The network, founded in 2010, had more than 100 ARs responsible for over £90m of gross written premium.
In its half year results released yesterday, AUB confirmed the deal completed on 31 July for A$19.5m (£9.74m).
The Movo purchase, featuring the AR network Movo Partnership as well as bought brokers in Movo Insurance Brokers and insurance technology platform Durell Software, was unveiled in August.
The majority stake was
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