New market entrant NZbrokers Management Limited has completed agreements that overnight make it the third largest insurance broking group in New Zealand.
Under the agreement, former members of the BrokerWeb Group and Brokernet Group have now amalgamated to form NZbrokers. With $420 million in total gross written premium, 53 businesses, and servicing more than 120,000 clients nationwide from Kerikeri to Invercargill, NZbrokers is instantly positioned as a formidable player within the New Zealand insurance broking market.
“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,” said Mr. Keith McIvor, Director of NZbrokers and Managing Director of NZ Brokers Holdings Limited.
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 strengthen broking capability for the group,” says Mr McIvor.
Mr. Jim Harris, previously Managing Director of BrokerWeb Management and with more than 45 years’ experience in the industry, 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. 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,” said Mr Harris.
Mr. David Crick, Chairman of Brokernet New Zealand added “Our collaboration with NZbrokers brings significant size and scale to our members. This will facilitate robust partnerships with the insurer panel, and ensure our clients’ interests are further protected.”
Late last year, Austbrokers Holdings through NZ Brokers Holdings joined with BrokerWeb Management and Mr.Harris. The primary vision was to build on the leadership position of the group across New Zealand. Now, with the addition of Brokernet, NZbrokers will quickly hit the ground running. While already operational, all integration efforts are expected to be completed effective in Q4, 2015.