AUB Group has finalised its acquisition of a 70% equity stake in Pacific Indemnity, an Australian financial lines underwriting agency.

The transaction was completed on July 1 as scheduled, AUB announced in a brief sharemarket update.

As previously reported, AUB was to pay $105 million upon completion of the deal, and the balance is payable 18 months later on a sliding scale subject to Pacific Indemnity’s 2024-25 performance.

The underwriting agency will form part of AUB’s specialty agencies portfolio and will trade under its current name, led by the same management team, who will retain a minority stake.

AUB CEO Mike Emmett said the acquisition was “firmly in line” with the listed intermediary group’s strategy to build scale in agencies, particularly in financial lines.

From Insurance News magazine: How Ardonagh’s “milestone” bid for PSC reshapes the Australian broking landscape