AUB Group has signed an agreement to acquire a majority stake in Adroit Insurance & Risk, an Australian risk advice and insurance broking group, for an undisclosed price.
Headquartered in Geelong, Victoria, Adroit has A$100m ($72.8m) in gross written premiums (GWP). The company operates 12 branches to serve more than 25,000 customers in regional and metropolitan Victoria and New South Wales (NSW).
Adroit’s specialist risk advisory teams provide a variety of customized solutions across business, personal and life risk needs.
Adroit’s long-term shareholders Andrew Locke and Brendan Peck, owing to personal reasons have decided to divest their stakes in the insurance broking group.
As per the terms of the deal, the duo will continue working with the company for at least two years.
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.”
Adroit’s new managing director will be the current AUB Group national partners and acquisitions divisional chief executive Fabian Pasquini, starting from next month.
AUB Group, which is an Australian insurance company, has invested A$170m ($123.8m) on acquisitions over the last five years.
The company, which was previously known as Austbrokers, claims the investments to have made across a strong network of diversified risk management enterprises, which are all backed by the group’s ‘owner-driver’ partnership model.
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.”
Earlier this year, AUB Group announced a partnership with CoreLogic to provide its brokers access to real-time data for their clients through the Cordell Commercial Estimator, Cordell Sum Sure, and RP Data Professional solutions.