AUB will acquire an 80% equity stake in UK insurance broking business Movo Group.

The listed Australian intermediary group says the investment is a “further strategic milestone” as it builds on its Tysers retail business in Britain. Financial details of the deal are not available.

AUB says the transaction – which is subject to regulatory clearance – includes authorised representative network Movo Partnership, broking group Movo Insurance Brokers and insurance technology platform Durell Software.

Durell provides proprietary software for policy administration and a front-office web application. Its platform transacts gross written premium of more than £270 million ($521 million).

“We are thrilled to announce our partnership with Movo and Durell,” AUB CEO and MD 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.”

The agreement gives AUB access to Movo Brokers – a portfolio of independent equity-owned brokers offering commercial and specialised products across 11 locations – and Movo Partnership, a network of 100-plus ARs. The network places more than £110 million ($212 million) in premium, including contributions from Movo Brokers.

Movo says the partnership with AUB will allow it to realise its growth ambitions.

“From our initial discussions with Mike Emmett and the AUB team, it was clear that our business models were closely aligned,” Movo Partnership CEO Lea Cheesbrough said.

“We sought a partner that could help us achieve our strategic goals, including a strong emphasis on social impact, and AUB is an ideal fit.”

The Movo investment is AUB’s latest move in British retail broking. In June it announced a deal to buy a 40% stake in Momentum Broker Solutions, an AR network that places more than £90 million ($173 million) in premium.

In 2022, AUB paid $880 million for Tysers, a Lloyd’s wholesale broker with a retail division.

The intermediary group will release its 2023-24 financial year results tomorrow.