It looks like Lloyd’s broker Tysers is not about to have an Australian parent soon.
For months, reports have swirled as to the fate of the 200-year-old London brokerage, with the likes of Miller among those previously cited as possible buyers. Last week, some publications pointed to ASX 200 firm AUB Group Limited as the top contender for Tysers.
AUB, which consists of insurance brokers and underwriting agencies that operate in about 500 locations across Australia and New Zealand, was supposedly nearing the finish line as far as a deal was concerned. UK rival The Ardonagh Group was reportedly behind in the race.
In response, AUB set the record straight.
In a release on Monday, the group declared: “AUB Group Limited notes recent media reporting in connection with Tysers, the London-based Lloyd’s wholesale insurance broker. AUB advises that it has been in discussions with Odyssey Investment Partners, the current owner of Tysers, and the senior management team of Tysers.
“Although AUB believes in the strategic rationale of the potential transaction, the discussions have not led to a transaction being agreed on terms acceptable to the parties.”
As of this writing, neither Tysers nor Odyssey Investment Partners has issued a statement.
