Two NZ broker networks to join forces

Two NZ broker networks to join forces | Insurance Business

Two NZ broker networks to join forces
Insurance Advisernet New Zealand (IANZ) has announced it will be joining up with NZbrokers from 1 July 2016, considerably swelling what is already New Zealand’s third largest broking group.

The network already has a history with Austbrokers, now named AUB Group.

Insurance Advisernet Australia, formed in 1996, is 50% owned by AUB Group, and is the group’s largest operation in Australia with 150 brokers, 43,000 clients, 102,000 policies and gross written premiums in excess of $400 million, the broker network said.

IANZ was formed in 2006 and was AUB Group’s first investment in New Zealand.

Since then, the network has grown to 35 insurance brokers throughout New Zealand, with 18,000 clients, 35,000 policies and GWP in excess of $100 million.

Last year, AUB Group joined with Keith McIvor to form NZbrokers, and with acquisitions of Brokerweb and Runacres and an alliance with Brokernet, the new group became the third largest broking group in New Zealand, controlling in excess of $520 million of premiums.

IANZ managing director David Crawford told Insurance Business: “This is another exciting development for Insurance Advisernet in NZ and being part of NZbrokers brings us a number of benefits that will help our brokers and their clients.

“We are looking forward to working with the team at NZbrokers to further enhance the value we bring to our brokers and their clients.”