AUB Group today announced an agreement to acquire a majority stake in Victoria-based brokerage Adroit Insurance & Risk.

AUB’s Divisional CEO National Partners and Acquisitions Fabian Pasquini has been appointed Adroit’s MD, effective December 1.

The move also sees Nigel Thomas, Divisional CEO Austbrokers Network, take on an expanded leadership role across the Austbrokers division. 

Adroit represents $100 million in gross written premium and operates 12 branches servicing 25,000 customers across regional and metropolitan Victoria and NSW. It offers tailored solutions across business, personal and life insurance.

AUB says Adroit shareholders Andrew Locke and Brendan Peck decided to step back from full-time leadership of the business for personal reasons, and to sell their shareholding.

They will continue working with Adroit for at least two years.

AUB Group CEO and MD Mark Searles says the group’s “diversified growth model” is a proven success.

“Our primary focus on organic growth is complemented by acquisitions when we identify opportunities with strong strategic and cultural alignment,” he said.

“The acquisition of Adroit will allow us to continue our strong momentum of diversified growth.

“AUB Group’s intent is to be the leading provider of risk management, advice and solutions to clients.

“Adroit’s focus on acting first and foremost as a specialist risk adviser to its clients, alongside its strong fundamental of partnerships, make this move a logical decision.”

AUB says it has invested $170 million in successful acquisitions over the last five years.