AUB and PSC Insurance Group are still hammering out the details for their Tysers retail business joint venture, which was expected to take effect from today.

“Finalisation has been delayed as we continue to discuss a number of commercial items, including the intended term of the joint venture and the terms and rights between PSI and AUB on conclusion of the joint venture,” PSC said in a short statement on Friday.

“We expect to finalise these terms in the coming weeks and will provide an update when this is done.”

AUB acquired Tysers last year in a $880 million deal that expanded its capabilities with Lloyd’s wholesale broking operations. The company said then that the Tysers retail business would be separated out into a joint venture with PSC, which had already been expanding in the UK.