Rotorua-based brokerage Dawson Insurance has announced its merger with a fellow brokerage of the same name, based in Whakatane, as part of a succession planning process.
The two businesses have been trading for over 35 years and were both set up by original founder Ian Dawson, though they had since become two completely separate, independently owned brokerages. Dawson Rotorua managing director Denis Marriner says this merger is a “common sense move” given the impending new regulations, and will increase Dawson’s efficiency and client focus.
“The merger is focused around succession planning for the brokerage in Whakatane, and the two of us coming together in this new regulatory environment means we can pull our resources together more efficiently,” Marriner told Insurance Business.
“We can do the training that we need to do, spread the cost, and ensure that we’re totally compliant with the new regulations. It’s really about having that strength in numbers behind us.”
Dawson Whakatane owner Graeme Bryant says he has been looking at succession planning options for the last 18 months, and the “similarities, friendships and common goals” across the two businesses make them a great fit. Bryant will stay on as senior executive broker at the Whakatane office, and will become a shareholder in the larger merged business.
AUB Group’s head of partnerships and acquisitions Darryn Lobb said that succession planning has become “increasingly topical” as the new financial advice regime draws nearer.
“A key focus of our group is to ensure that every broker is provided an opportunity to implement a succession solution within their business,” Lobb said. “This is important, not only to protect the value that has been created over many years, but to ensure that clients continue receiving a high-level of undisrupted service.”
“It’ll be a lot of training and staff upskilling to provide that strength of service, but we’re determined to get it right,” Marriner concluded.
“We’ve got an equity partnership with AUB Group, and that’s very helpful for us to have that support and guidance – and we can now extend that out to our partnership with Whakatane, and bring them into the family. It can be a lonely place for one-man bands in the regions, so it’s a great help to have access to all of those resources.”
