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AUB targets specialty portfolios

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AUB Group has signalled a strong intent to grow its specialty portfolio business, after taking a 73.15% stake in Experien Insurance services, a brokerage that specialises in general and life insurance products for the medical profession.

The investment was made through its Austbrokers division, with Experien becoming a part of the AUB Group in August.

“Our investment in Experien continues to build on the group strategy to focus on specialty portfolios , in this case life and general insurance for doctors, dentists and other professions,” AUB Group CEO Mike Emmett told insuranceNEWS.com.au.

AUB did not reveal the cost of the investment, which it announced in its full-year earnings results last month.

Experien CEO Clive Levinthal says having AUB onboard as a majority shareholder enhances the 16-year-old brokerage’s growth ambitions.

“We’re at a stage now where it’s good to partner up with a strategic corporate partner such as Austbrokers,” Mr Levinthal told insuranceNEWS.com.au. “It’s only going to be good for both organisations but more important is the benefits to our clients.”

Mr Levinthal says there have been no management changes, describing it as “business as usual but better”.

“We remain the same business that we have always been and with the same team and the same focus,” he said “We now are powered by additional support and it’s nice to belong to a bigger organisation and leverage those benefits.”