Austbrokers Holdings Limited has completed agreements and launched NZbrokers through its 80% owned subsidiary NZ Brokers Holdings Limited, it announced today.
Under the agreement, originally announced in May
, former members of BrokerWeb Group and Brokernet Group have now amalgamated to form NZbrokers.
The company said this makes NZBrokers New Zealand’s third largest insurance broking group, with $420 million in total gross written premium, 53 businesses, and servicing more than 120,000 clients nationwide.
Keith McIvor, managing director of NZ Brokers Holdings Limited, said: “Recognising the benefits of working together, the driving philosophy behind our success stems from each member leveraging the strength and capability of our national group, while retaining their successful formula of local knowledge and long-standing relationships.”
Austbrokers Holdings first entered the New Zealand market in 2006 through its partnership with Insurance Advisernet, taking an effective 38% equity stake in Insurance Advisernet NZ, a broking group which has grown to have 32 authorised representatives and over $70 million in GWP.
In November 2014, Austbrokers Holdings announced its acquisition of 100% of New Zealand’s BrokerWeb Management Limited
as well as a 50% stake in the country’s largest independent broking operation, BrokerWeb Risk Services
, Austbrokers CEO and managing director, and chairman of NZ Brokers Holdings, said today’s launch showcased the company’s ‘clear and focused strategy of capturing new opportunities.’
He said: “We are committed to expanding into new markets and diversifying our growth.”
BrokerWeb Management’s former managing director Jim Harris, who has more than 45 years’ experience in the industry, has now been appointed managing director of NZbrokers.
“We’re so pleased to be able to leverage our new partnership for the benefit of our members and our clients, and proud to come together under one consistent brand and banner as NZbrokers.
“Our vision is to combine our strong New Zealand heritage, local expertise, national footprint and global reach, to be New Zealand’s most trusted insurance and risk solutions network,” Harris said.
Brokernet chairman David Crick said the collaboration would bring significant size and scale to its members.
"This will facilitate robust partnerships with the insurer panel, and ensure our clients' interests are further protected," he said.
McIvor added: “Together we want to take this relationship further and create a real leader for insurance and risk management in New Zealand.
“It’s incredibly exciting to have highly experienced members of BrokerWeb and Brokernet on board and we are committed to developing beneficial partnerships that transform broking capability and scale for the group.”
While already operational, all integration efforts are expected to be completed effective in Q4, 2015.