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AUB to take stake in British AR network 

AUB Group will acquire a 40% stake in Momentum Broker Solutions under an equity partnership agreement with the UK authorised representative network.

The Australian listed intermediary group says the investment – subject to regulatory approval – is a “key step” in expanding its retail broking footprint in Britain. Momentum has more than 100 AR partners placing more than £90 million ($173 million) in premium in the market.

“AUB will leverage its experience and capabilities operating market-leading delegated authority and authorised representative networks in Australia and New Zealand into the UK market, for the benefit of Momentum’s broking partners and clients,” the group says.

AUB has an established retail business in Britain following its $880 million acquisition in 2022 of Tysers, a Lloyd’s wholesale broker with a retail division.

“We are delighted to announce our partnership with Momentum,” AUB CEO and MD Mike Emmett said. “Our investment in Momentum is a foundational step to enable AUB’s strategy to build scale and capability in the UK retail broking market, a segment of significant interest given our experience and capabilities in this area in the Australian and New Zealand markets.”

Momentum founder and MD Howard Pepper said: “The size and success of the marketplace in Australia illustrates the scope of the opportunity and we are incredibly proud to be working with AUB as an investor and excited by the opportunities this will provide for us and our partners.

“A partnership between AUB and Momentum aligns to our strategic agenda, given AUB’s model enables us to retain our independence while providing access to unparalleled expertise and expanding our ability to invest in the further growth of Momentum and our AR partners.”

Mr Emmett says Mr Pepper, who started Momentum in 2010, has built “a high-performing business with an excellent management team which has delivered impressive growth to date”.