Australian insurance broker AUB Group has completed the acquisition of Lloyd’s wholesale broker Tysers in a deal valued at £500m.

London-based Tysers is a specialist international insurance broker and is claimed to be the sixth largest wholesale broker in Lloyd’s marketplace.

Through Tysers’ acquisition, AUB hopes to expand its specialist capabilities and gain direct access to Lloyd’s market.

The insurance intermediary, which employs around 1,100 people, is also expected to add broader and enhanced product offerings to AUB’s products portfolio.  

As per the terms of the deal, which was announced in May this year, AUB has issued over nine million new shares to Odyssey Investment Partners, Tysers’ previous owner.

The new shares will be escrowed for a duration of 24 months.

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The deal also includes a deferred payment of up to £100m, which will be paid two years after completion and it will be subject to Tysers’ achievement of agreed revenue targets.

AUB CEO and managing director Mike Emmett said: “Given Tysers’ position as a leading specialist wholesale insurance broker in the largest insurance market in the world, we are excited in the step change Tysers will bring to AUB in terms of capturing further economics in the insurance broking value chain, accelerating scale in AUB Agencies and supporting our clients with international placement needs.

“The acquisition is not only strategically aligned and financially compelling, but strengthens our operational platform and delivers material scale. We look forward to optimising Tysers’ contribution as part of the AUB Group, a successful integration and delivering on the expected synergies.”