AUB Group has agreed to acquire a 40% stake in Momentum Broker Solutions, a UK-based insurance broker.

The partnership marks a significant expansion of AUB’s retail broking footprint in the UK market and is aimed at leveraging its extensive experience in operating Delegated Authority and Authorised Representative (AR) Networks.

It is set to benefit Momentum’s broking partners and clients, helping them gain access to AUB’s expertise for further growth, while allowing Momentum to maintain its independence.

The deal awaits regulatory approval.

Set up in 2010, Momentum is recognised as the premier AR network in the UK, with more than 100 partners and in excess of £90m ($114.39m) in premiums placed annually.

Momentum founder and managing director Howard Pepper said: “We are delighted to advise that AUB Group, a leading player in the Australian and New Zealand AR marketplace, are making an equity investment in Momentum.

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“AUB is one of the fastest-growing global insurance broking networks with a broad range of investments in all sectors of the industry.

“A partnership between AUB and Momentum aligns to our strategic agenda, given AUB’s model enables us to retain our independence whilst providing access to unparalleled expertise and expanding our ability to invest in the further growth of Momentum and our AR partners.”

AUB, listed on the Australian Stock Exchange, has a workforce of around 5,000.

The company serves around 950,000 clients and places roughly A$10bn ($6.59bn) in insurance premiums across a global network of retail and wholesale insurance brokers and underwriting agencies, including prominent networks such as Austbrokers, NZbrokers, Insurance Advisernet and the MGA Group.

AUB CEO and managing director Mike Emmett said: “We are delighted to announce our partnership with Momentum, a high-performing business with an excellent management team, which has delivered impressive growth to date.

“Our investment in Momentum is a foundational step to enable AUB’s strategy to build scale and capability in the UK Retail Broking market, a segment of significant interest given our experience and capabilities in this area in the Australian and New Zealand markets.”