AUB Group Limited (AUBBF) M&A Call Transcript
Michael Patrick Emmett
CEO, MD & Director
Good morning, and thank you for joining us this morning. I’m pleased to announce that AUB Group has agreed to acquire 95.9% of Prestige Insurance in the U.K. for GBP 219 million, AUD 432 million based on an EBITDA multiple of 12.9x before taking into account cost synergies. Prestige is a diversified insurance business comprising a portfolio of broking and underwriting agency businesses as well as an insurtech platform. The business is guided by a highly experienced and respected leadership team, which will continue to drive its success under the direction of CEO, Trevor Shaw.
The acquisition is highly complementary to AUB’s strategy and will enable us to accelerate the delivery of growth and margin benefits planned for the U.K. and the International division. In December 2025, we also completed step-ups of our equity stakes in 360 Underwriting and Pacific Indemnity in Australia.
Originally, these step-ups were planned for the second half of ’26. However, our equity partners requested we bring them slightly forward to December. Given the requirement to fund the Prestige acquisition, together with the step-up investments in 360 and Pacific Indemnity and to ensure we retain sufficient funding capacity for additional bolt-on and step-up investments likely to arise later in calendar year ’26, we have chosen to secure a level of funding that exceeds the amount needed solely for the Prestige investment. To achieve this, we’ve increased our debt facility by $200 million and today are launching an underwritten $400 million institutional placement at an offer price of $29.40.
