The Tysers Retail joint venture between AUB Group and PSC Insurance Group is now expected to start operation in May as finalisation of the transaction continues.

AUB acquired Tysers last year, giving it wholesale broking capabilities into London. The retail side of the Tysers business is being spun-off into an equal joint venture with PSC, which has been expanding in the UK market.

PSC said today that it had previously advised that the joint venture was expected to take effect from April 1, but with finalisation of documentation continuing, and progressing positively, the revised date is May 1.

The company confirmed its February 22 guidance for underlying earnings before interest, tax depreciation and amortisation of $104-108 million, and underlying net profit after tax before amortisation of $72-75 million excluding any potential contribution from the joint venture.

AUB in a separate statement also says it is expecting a May start to the venture.

“The parties continue to make good progress in connection with finalisation of this transaction and AUB is confident that the Tysers UK Retail joint venture will proceed with effect from May 1,” AUB said.