AUB / further interest in Sura TechnologyWA-05038

Parties

Summary

Austagencies Pty Ltd, a subsidiary of AUB Group Limited, is acquiring an additional 20% of Sura Technology Risks Pty Ltd's issued share capital via a share purchase from a minority shareholder. This transaction increases Austagencies' stake to 70% in the technology-focused specialty insurance underwriting agency, further consolidating its position in the insurance sector.

Acquisition details

Austagencies Pty Ltd ( Austagencies ), a wholly owned subsidiary of AUB Group Limited ( AUB ), proposes to acquire an additional 20% of the issued share capital in Sura Technology Risks Pty Ltd ( Sura Technology ) by way of a purchase of shares from an existing minority shareholder, D J & S Underwood Pty Ltd as trustee for the D J & S Underwood Family Trust (the Acquisition ). On completion, Austagencies will hold 70% of the issued share capital in Sura Technology, with the balance retained by two other minority shareholders. Austagencies is a collection of Australian underwriting agencies providing underwriting services for general insurance products (primarily under the 360 Underwriting Solutions brand), specialty insurance products designed for specific industries (under the SURA brands), and strata insurance (under the Longitude, Rubix and Strata Unit Underwriters brands). AUB Group Limited (ASX: AUB) is an ASX200 global insurance broking group with a diversified portfolio spanning General and Specialist Retail Brokers, Authorised Representative and Broking Networks, Managing General Agents and Underwriting Agencies, Wholesale Brokers, InsurTech platforms, and specialist Claims and Loss Adjustment services. AUB operates from approximately 580 locations, with ~6,000 people supporting around 1.2 million clients and placing more than AUD$11 billion in premiums with local and international insurers each year. Sura Technology is an Australian underwriting agency which provides underwriting services for specialty insurance products designed for technology businesses. Sura Technology’s primary activities relate to providing a technology package which includes cyber cover for first and third party risks for technology providers, professional indemnity for technology risks and public and products liability for technology businesses. Sura Technology also provides underwriting services for a standalone cyber insurance policy.