Austbrokers expands with New Zealand acquisitions

Australian brokerage network Austbrokers Holdings Ltd. acquired Auckland, New Zealand-based BrokerWeb Management Ltd., along with a 50% stake in BrokerWeb Risk Services Ltd., Austbrokers announced Tuesday.

The combined entity will have more than 120,000 clients and handle gross written premiums of about 350 million New Zealand dollars ($276.0 million), Austbrokers said in a statement. Terms of the deal were not disclosed.

“Overnight, this approach gives Austbrokers and our New Zealand partners significant market scale and leadership,” Mark Searles, CEO and managing director of Austbrokers, said in the statement.

“We are very excited about our future and furthering our planned expansion with the support and partnership that Austbrokers brings,” David Archer, CEO of BrokerWeb Risk Services, said in the statement.

Mr. Archer and BrokerWeb Management CEO Jim Harris will remain in their current roles, the statement noted.

Huntsville, Australia-based Austbrokers places commercial lines and personal lines insurance products including property, liability, auto fleet and professional indemnity.

BrokerWeb handles business interruption, general liability, directors and officers liability, and engineering insurance, among other things.