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AUB Group has announced a major acquisition today, with the firm purchasing the remaining 50 per cent of New-Zealand-based BrokerWeb Risk Services.
The deal sees AUB New Zealand secure 100 per cent ownership of the brokerage, which is one of the biggest in New Zealand, writing NZ$150 million in gross written premium (GWP).
Commenting on the deal, which is effective from 1 January 2019, group CEO Mark Searles said the organisation was committed to its proactive growth strategy.
“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,” he said.
“BWRS is a leading insurance broker with immense opportunity, and is an ideal fit for our unique ‘skin in the game’ partnership model.,” he added.
Today’s announcement follows AUB’s AU$116 million capital raise in November, which also saw the announcement of an increased shareholding in Adroit Insurance & Risk.
As part of this acquisition, David Archer – founder and CEO of BrokerWeb Risk Services – will step down from his role with recruitment for a new CEO already underway. However, 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.
“BWRS is now very well placed to continue its strong momentum of growth,” said Archer. “I look forward to supporting the BWRS team during this transition, and to seeing the firm continue to strengthen, with all the advantages of the AUB partner network.”
Over the past five and a half years, AUB Group has completed 39 transactions worth a combined total of AU$199 million (excluding BWRS). The group has now committed over AU$67 million to acquisitions in the current financial year.
