AUB Group (ASX:AUB) completed an AU$400 million institutional placement to fund the acquisition of UK-based insurance underwriting platform Prestige and associated costs, according to a Wednesday filing with the Australian bourse.

Under the placement, the company will issue about 13.6 million new shares at a price of AU$29.40 apiece, the filing said.

The offer price represents a 7.9% discount to the stock's last traded price, the filing added.

The placement is expected to settle on Friday, the company said.