Australia-headquartered AUB Group, which in June announced its acquisition of a 40% stake in Momentum Broker Solutions, the UK’s authorised representative network, has announced further expansion into the UK by agreeing to buy an 80% stake in Movo Group of Companies (Movo).

The deal, which is subject to regulatory approval and undisclosed financial terms, extends to augmented reality network Movo Partnership, stock brokerage group Movo Insurance Brokers, and insurance technology platform Durell Software.

Movo Insurance Brokers is made up of independent, equity-owned brokers offering specialist and commercial products across 11 locations. The Movo partnership has over 100 brokers and places over £110m of premiums, including those handled by the brokerage group.

Meanwhile, Durell offers advanced software solutions for policy administration and front office management. The platform handles over £270m of gross written premiums and serves around 189 clients, including 120 brokers. The platform is also expanding into the general agent management market and supporting brokers with delegated authority.

The new majority stake is in line with AUB’s ongoing expansion efforts, leveraging the group’s extensive experience in managing retail brokerage businesses, augmented reality networks and insurtech platforms in Australia and New Zealand.

For Movo, founded in 2010, the equity partnership will allow the company to maintain its independence and entrepreneurial ethos while benefiting from AUB’s industry expertise, broader range of brokerage options, and new growth opportunities.

Movo’s leadership team – including founder and brokerage director Jolan Lambranzi, Movo Partnership CEO Leah Chesborough (pictured), CFO Claire Beckett, and Dorell Managing Director Tom White – bring a wealth of industry experience to AUB.

Commenting on the investment, Chesborough said: “We are delighted to join the AUB Group family. Through our initial discussions with Mike Emmett and the AUB team, it was clear that our business models are closely aligned.

“We sought a partner who could help us achieve our strategic goals, including a strong focus on social impact, and AUB is an ideal fit. Their expertise will strengthen our teams, expand opportunities for our brokers, and take our business to new heights.

“This partnership heralds an exciting new phase as we develop our plans to enhance our network offerings and service value, to maximize the benefits for our brokers and their clients. I would also like to extend my sincere thanks to our outstanding employees, whose dedication has been instrumental in Movo’s success.”

“We are very excited to announce our partnership with AUB Group, which will allow us to harness the full potential of Dorell’s technology, challenge existing models and address the emerging and evolving needs of the UK insurance market,” White added.

“It has been a great experience working with Movo over the past two years and the deal with AUB accelerates our plans. Movo’s experience in the UK brokerage market and AUB’s expertise and success in investing in and growing InsurTech businesses provide a unique platform to support our brokers and the company to capture a greater share of the market.”

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