Aussie broker hires former Cover-More CEO

January 28 2019 by InsuranceAsia News Staff

Former Cover-More chief executive Mike Emmett will become chief executive of AUB Group from March 11, taking over from group chief executive and managing director Mark Searles.

Emmett (pictured) left Cover-More at the end of last year and has formerly held roles with QBE, EY, Accenture and IBM. Emmett was recruited from QBE by Cover-More in July 2014; the travel insurance specialist was subsequently bought by Zurich in 2017.

AUB’s chairman David Clarke said: “We are delighted to have secured someone of {Emmett’s] calibre, with his strong experience in diversified growth and distributed business models.”

Searles has decided to step down from the Sydney-headquartered broking group to pursue a non-executive career but he will stay as an advisor at the firm until October.

AUB, which owns a combination of a broker network, managing agents and risk services, has recently made its largest acquisition to date. Earlier this year it bought the 50% shareholding of New Zealand broker BrokerWeb Risk Services it didn’t already own. BWRS is one of New Zealand’s largest insurance brokers, with NZ$150 million (US$103 million) in gross written premium.

Explaining the acquisition Searles said: “Strategic acquisitions across Australia and New Zealand continue to form a key element of AUB Group’s diversified growth model, whereby organic growth is complemented by acquisitions that demonstrate strong strategic and cultural alignment. BWRS is a leading insurance broker with immense opportunity, and is an ideal fit for our unique ‘skin in the game’ partnership model.”

As part of the acquisition, David Archer, founder and chief executive of  BrokerWeb Risk Services will step down from his role.