Discussing the appointment, AUB Group Chair David Clarke said, “We are delighted to have secured someone of Mike’s calibre, with his strong experience in diversified growth and distributed business models. Mike’s understanding of the full suite of insurance services aligns well with the Group’s successful ‘total risk solutions’ strategy, as well as our intention to be the leading provider of risk management, advice and solutions to clients. The Board is confident his skills will enable the Group to maintain strategic momentum, and will help orient the Group to the future needs of clients while continuing to deliver shareholder outcomes.

“We thank outgoing CEO Mark Searles not only for his enormous contribution to AUB Group, but also for his continued support in this succession process, which has enabled us to conduct a thorough search process and plan for a smooth leadership transition.”

Previously group chief executive of travel insurer Cover-More Group, Mr Emmett has held executive positions at QBE, EY, Morse, IBM, Accenture and PwC.

Outgoing CEO and Managing Director Mark Searles, who announced in August 2018 his intention to step down with a view to developing a non-executive director career, will move to an advisory role until October 2019.

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Mark Searles

AUB Group NZ (AUB NZ) has announced the acquisition of the remaining 50% shareholding of BrokerWeb Risk Services (BWRS), bringing AUB NZ’s shareholding to 100%, effective 1 January 2019. BWRS is one of New Zealand’s largest insurance brokers, with NZD150 million in gross written premium (GWP). 

Discussing the announcement, AUB Group CEO & Managing Director, Mark Searles, said, “Strategic acquisitions across Australia and New Zealand continue to form a key element of AUB Group’s diversified growth model, whereby organic growth is complemented by acquisitions that demonstrate strong strategic and cultural alignment. BWRS is a leading insurance broker with immense opportunity, and is an ideal fit for our unique ‘skin in the game’ partnership model.” 

AUB NZ purchased 50% of BWRS in November 2014. Today’s announcement follows the Group’s AUD116 million capital raise in November, which also saw the announcement of an increased shareholding in Adroit Insurance & Risk. The Group has now committed over AUD67 million to acquisitions in the current financial year.

Serving 25,000 clients from seven branches throughout New Zealand plus its three associate companies, BWRS supports large corporates, SME and retail consumers alike, with their total insurance and risk management needs.

Partnership business model

Staying true to AUB Group’s partnership business model, a key employee shareholding structure will be implemented at BWRS, enabling its leadership team to have ‘skin in the game’ and creating alignment with AUB Group shareholders. As part of this acquisition, David Archer – Founder and CEO – will step down from his role. Recruitment for a new CEO is underway, and David will remain active in the business for a suitable period to ensure a smooth transition. No other changes to the BWRS leadership team are envisaged, and they will continue to lead the company with the support of AUB NZ.

Discussing the announcement, Keith McIvor, Managing Director, AUB NZ, said, “BWRS has had a very successful few years, thanks to the leadership of David Archer and his executive team. We thank David for his ongoing support since the first 50% acquisition in November 2014, and for his hard work in establishing a strong leadership team and business strategy to take BWRS forward. 

David Archer, CEO, BWRS said, “BWRS is now very well placed to continue its strong momentum of growth. I look forward to supporting the BWRS team during this transition, and to seeing the firm continue to strengthen, with all the advantages of the AUB partner network.”

Over the past five and a half years, AUB Group has completed 39 transactions totaling AUD199 million (excluding BWRS), providing the Group with ownership of a robust network of diversified risk management enterprises, and continuing the success of Group’s unique partnership business model. 

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Mark Searles

AUB Group Limited (ASX:AUB) has announced a $116 million capital raising in support of acquisition funding, further organic growth, and debt repayment.

In AUB Group’s first equity capital raising since its listing in 2005, the Group seeks additional equity capital to catalyse execution of the Group’s successful ‘total risk solutions’ strategy. The equity capital will also facilitate future acquisitions AUB Group is actively pursuing from a solid pipeline of opportunities in Australia and New Zealand. This includes the Group’s recently-announced intent to take a majority interest in leading risk advice and insurance broking group Adroit Insurance & Risk.

Discussing the announcement, AUB Group CEO and Managing Director Mark Searles said, “This capital raise signals our firm intent to build on FY18’s success, as we approach 2019. We see a number of strategic opportunities in market, and we’re making strong progress in the execution of our ‘total risk solutions’ strategy, as we respond to evolving market conditions by providing a diverse range of risk management services and solutions.”

Over the past five years, AUB Group has invested approximately $170 million into successful acquisitions, providing the Group with investments in a robust network of diversified risk management enterprises, all supported by AUB Group’s unique ‘owner-driver’ partnership model.

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Mark Searles

AUB Group Limited (ASX:AUB) has announced its agreement to take a majority interest in Adroit Insurance & Risk (Adroit).

Discussing the announcement, AUB Group CEO and Managing Director Mark Searles said, “Our FY18 results demonstrated the continued strength of AUB Group’s diversified growth model – where our primary focus on organic growth is complemented by acquisitions when we identify opportunities with strong strategic and cultural alignment. The acquisition of Adroit Insurance & Risk Group will allow us to continue our strong momentum of diversified growth.”

Over the past five years, AUB Group has invested $170 million into successful acquisitions, providing the Group with investments in a robust network of diversified risk management enterprises, all supported by AUB Group’s unique ‘owner-driver’ partnership model.

Acquisition of majority shareholding in Adroit Insurance & Risk

With its head office in Geelong, Victoria, Adroit is a leading risk advice and insurance broking group with a strong track record of growth. Representing $100 million in GWP and operating 12 branches to service 25,000-plus customers across regional and metropolitan Victoria and NSW, Adroit’s specialist risk advisory teams offer a wide range of tailored solutions across business, personal and life risk needs.

Long-term shareholders Andrew Locke and Brendan Peck have signalled their desire to step back from the full-time leadership of the business due to personal reasons, and have decided to sell their shareholding. They will continue working with Adroit for at least two years. Fabian Pasquini, Divisional Chief Executive, National Partners and Acquisitions, AUB Group, has been appointed Adroit’s Managing Director, effective 1 December, taking over from the existing shareholder partners. Previously an Adroit Board member for more than 13 years, Mr Pasquini has been actively involved in a number of Adroit’s strategic acquisitions. The move also sees Nigel Thomas, Divisional Chief Executive, Austbrokers Network, take leadership across AUB Group’s Austbrokers division.

AUB Group CEO and Managing Director Mark Searles said, “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. I would like to take this opportunity to thank Andrew and Brendan for their long-term involvement as part of the Austbrokers family. Under their leadership, Adroit has experienced exceptional growth and is recognised for its professionalism within the industry. After over 19 years at AUB Group, Fabian has a strong appreciation for our successful ‘owner-driver’ approach, and – using his insights into the operation of the business – is perfectly placed to oversee a smooth leadership transition.”

Discussing the announcement, Adroit Managing Director Andrew Locke said, “Our decisions have been made for personal reasons, and have not been made lightly. In addition to this, after 13-plus years leading Adroit to become the business it is today, we feel the time is right to step back somewhat and allow a new leadership structure to come in and guide the business through its next stage of growth.”

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