AUB Group NZ (AUB NZ) has announced the acquisition of the remaining 50% shareholding of BrokerWeb Risk Services (BWRS), bringing AUB NZ's shareholding to 100%, effective 1 January 2019. BWRS is one of New Zealand's largest insurance brokers, with NZD150m ($102m) in GWP.
AUB Group CEO & managing director, Mark Searles, said in a statement, “Strategic acquisitions across Australia and New Zealand continue to form a key element of AUB Group’s diversified growth model, whereby organic growth is complemented by acquisitions that demonstrate strong strategic and cultural alignment. BWRS is a leading insurance broker with immense opportunity, and is an ideal fit for our unique ‘skin in the game’ partnership model.”
AUB NZ purchased 50% of BWRS in November 2014.
This week's announcement follows the Group’s A$116m ($82m) capital raise in November, which also saw the announcement of an increased shareholding in Adroit Insurance & Risk.
Serving 25,000 clients from seven branches throughout New Zealand plus its three associate companies, BWRS supports large corporates, SME and retail consumers alike, with their total insurance and risk management needs.
Partnership business model
Staying true to AUB Group’s partnership business model, a key employee shareholding structure will be implemented at BWRS, enabling its leadership team to have ‘skin in the game’ and creating alignment with AUB Group shareholders.
As part of this acquisition, Mr David Archer – founder and CEO – will step down from his role. Recruitment for a new CEO is underway, and Mr Archer will remain active in the business for a suitable period to ensure a smooth transition. No other changes to the BWRS leadership team are envisaged, and they will continue to lead the company with the support of AUB NZ.
Auckland-headquartered AUB NZ is a subsidiary of AZX-listed AUB Group. AUB is a risk management, advice and solutions provider.