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Home / Insurance / Australian broker buys British wholesaler Tysers for $ 620 million

Australian broker buys British wholesaler Tysers for $ 620 million



(Reuters) – Australian insurance broker AUB Group said on Monday it would buy London-based Lloyd’s of London wholesale insurance broker Tysers for 880 million Australian ($ 620.5 million) to expand its range of products.

Tysers, the sixth largest wholesale broker in the Lloyd’s market, has approximately 1,100 employees and writes annual gross premiums of $ 3.6 billion.

“Tysers gives AUB Group the opportunity to access a variety of risks and types of insurance for our clients and brokerage networks in Australia and New Zealand,” said AUB CEO Mike Emmett in a statement.

The deal is expected to increase AUB’s underlying pro forma earnings per share by 30% and is expected to be completed during the first half of 2023, AUB said.

The acquisition will be financed with a capital raising of A $ 350 million, an investment of shares worth A $ 1

76 million and a new multi-currency loan facility A $ 675 million, the company added.

Separately, the company entered into a non-binding term sheet with PSC Insurance, according to which the insurance brokerage business will buy 50% of the shares in Tyser’s UK retail arm as part of a 50:50 joint venture with AUB.

AUB also confirmed its financial forecast for 2022 and said that they continue to aim for a dividend share in line with their current range of 50% -70%.


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