AUB Group has seen its business in New Zealand soar despite challenging market conditions.
In its half year results announced earlier this week, the New Zealand broking division of AUB Group hit new heights with gross written premium topping $550 million as net profit before tax rose 338%.
Mark Searles, managing director and CEO of AUB Group, said that the strong showing in New Zealand came on the back of organic growth as well as contributions from new acquisitions including Runacres and Associates and two moves from BrokerWeb Risk Services
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Searles said that work across all facets of the AUB Group business in New Zealand has helped the business’s robust growth since entering the market just over two years ago.
“There are a whole host of reasons that are coming together now which really pleased me to say that was a great strategy, really well executed, and it is now coming to fruition,” Searles told Insurance Business.
AUB Group noted that a strong pipeline of acquisition activity continues in New Zealand but the company will continue to bolster its organic growth activity.
“Acquisitions are still really useful but they should be the icing on the cake, not the reason for being,” Searles continued.
In a presentation to investors, AUB Group stressed that the business will continue its investment in New Zealand management and infrastructure as the business expands.
Moves in New Zealand will mirror those used to grow the business across the Tasman. AUB Group will strengthen through acquisitions and aims to expand its presence in premium funding, risk services and underwriting agencies.
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