Tysers
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AUB chief Mike Emmett says the deal is “strategically aligned and financial compelling”. -
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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The move comes as the expected deal with AUB failed to materialise, and after Ardonagh stepped up its engagement.
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The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
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Odyssey began preparing Tysers for sale in May 2021 and launched a formal auction for it in June 2021.
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The independent broker has an end to its long search for a new owner in sight.
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The broker’s departure from the countries followed the sale of the broker’s interest in its Argentinian and Chilean subsidiaries.
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