AUB Group Holdings Limited has entered into an agreement to take a majority stake in PIHL Holdings Limited (Prestige Insurance). The deal includes Prestige Insurance’s broking businesses AbbeyAutoline, Open and Direct, Bond Lovis and Find Insurance NI; its MGA businesses Prestige Underwriting and Octane London Market; and its technology platform Covernet.

Prestige’s broker businesses control gross written premium of £170m. The MGA businesses have gross written premium of £140m, while the Covernet platform services gross written premiums of £350m.

The deal is subject to regulatory approval and is expected to complete within the first half of this year. AUB acquired Tysers in 2022 and also has investments in appointed representative networks Movo and Momentum.

Mike Emmett, CEO and managing director at AUB Group, said: “Our acquisition of Prestige Insurance represents a major step forward in the execution of our UK strategy. Prestige Insurance brings a powerful combination of retail broking strength, specialist underwriting capability and leading insurance technology – exactly the platform required to scale meaningful growth and build on our existing capability in one of the world’s most significant insurance markets.”

Trevor Shaw (pictured), CEO of Prestige Insurance Holdings Ltd, added: “This is a landmark moment for Prestige Insurance. With six decades in the industry, we have built a leading insurance group across broking, underwriting, and insurtech, firmly rooted across the UK and Ireland.

“Partnering with AUB Group gives us an exceptional platform to accelerate our growth, invest further in our people and services, and expand our presence across our current markets, while retaining the independence and culture that have been central to our success.”