Tysers, the London-based re/insurance broking group with an office in Bermuda, has announced that Australian-based AUB Group has entered into a binding agreement to purchase the firm.

The reported price is $880 million AUD (approximately $613 million).

AUB Group CEO, Mike Emmett, said: “The acquisition represents an important next step in the AUB strategy to build out our client offering and risk expertise. We are delighted to welcome the Tysers’ team to the AUB family.”

Clive Buesnel, CEO of Tysers, said: “AUB is the perfect partner to allow Tysers to continue to be a great place to work, carry on with the firm’s proud history and support our future growth ambitions.

“The strategic and cultural alignment is clear and we are excited about executing on future opportunities together.”

Tysers launched a Bermuda operation in 2019.