One of Australia’s prominent brokering networks has made a major acquisition in New Zealand, acquiring one of the country’s largest brokers.
AUB Group, formerly Austbrokers Limited, has acquired Runacres and Associates from IAG New Zealand Limited, making it the third-largest broking entity in the New Zealand market.
AUB Group CEO and Managing Director Mark Searles says that the acquisition exemplifies the company’s efforts in taking its business model into the New Zealand market.
“This is further evidence of the targeted expansion strategy AUB Group has for New Zealand,” Searles says.
“AUB Group has long signalled its intention to replicate our highly successful ‘owner-driver’ partnership model into New Zealand, and the acquisition of such a high calibre business, reinforces our commitment to this.”
“Today’s announcement is a key step in confirming our position as Australasia’s leading insurance and risk management specialist. We’re excited by the future and the possibilities it presents,” Searles adds.
Runacres are one of the largest brokers in New Zealand, with a portfolio spanning corporate, commercial and personal clients and almost NZ $50 million GWP.