AUB Group Limited (ASX:AUB) has today 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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