A major Australian player has engineered a substantial shift in New Zealand’s broking landscape, with the launch of what is the country’s third largest brokerage.
Austbrokers and its subsidiary NZ Brokers Holdings have announced the launch of NZbrokers, the result of a merger between BrokerWeb Group and Brokernet Group.
NZbrokers will be a major force in the NZ broker market, with $420 million in annual gross written premium and servicing more than 120,000 clients across the country.
Austbrokers CEO and Managing Director, and NZ Brokers Chairman, Mark Searles says the launch is a clear example of the companies’ opportunistic strategy at work.
“We are committed to expanding into new markets and diversifying our growth,” he says.
Former BrokerWeb Management Managing Director Jim Harris has 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,” Harris says.
“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.”
Austbrokers Head of Group Development and NZ Broker Holdings Managing Director Keith McIvor says that the pairing aims to transform the industry for the better.
“It’s incredibly exciting to have the 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,” McIvor says.
“Together we want to take this relationship further and create a real leader for insurance and risk management in New Zealand.”
Austbrokers entered the NZ market in 2006, partnering with Insurance Advisernet NZ through a 38% stake in the company.