Tysers
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The London wholesaler is ‘performing well’ according to parent AUB Group. -
It is understood that the executive joined THB Peru in a managing director position.
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The former Chubb Europe president will replace outgoing chair Peter Haynes.
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New owner AUB expects the acquisition to deliver A$25mn in synergies.
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Staff are following their former leaders Mike Godfrey and David Long to the General Atlantic, CDPQ and Hg-backed broker.
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AUB chief Mike Emmett says the deal is “strategically aligned and financial compelling”.
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The broker’s revenue rebound was offset by reductions of business in Colombia and Ecuador.
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Despite the carrier’s profit declining, turnover increased by 15% to £19.2mn.
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Plus this week’s top carrier results and need-to-know people moves.
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The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler.
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The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
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