AUB Group acquires one of New Zealand’s largest brokers
AUB Group acquires one of New Zealand’s largest
brokers and current Insurance Broker of the Year - Runacres
and Associates.
Sydney, 14 December, 2015: AUB Group Limited (ASX:AUB), through its 80% owned entity AUB Group NZ Limited has acquired New Zealand’s Insurance Broker of the year*, Runacres and Associates from IAG New Zealand Limited.
“This is further evidence of the targeted
expansion strategy AUB Group has for New Zealand” said
Mark Searles, CEO and Managing Director of AUB Group, and
Chairman of AUB Group NZ. Along with the group's existing
equity interests, the group now directly represents NZ $200
million in GWP in New Zealand. On top of that, the group
owns NZbrokers, which manages the largest cluster group of
brokers in New Zealand. In total,
either directly or
through its partners, the group now represents NZ $550
million of GWP and is the third largest broking entity in
the New Zealand market.
“Runacres is a high performing broking business with a strong track record of sustainable growth over the past five years” said Searles. Representing almost NZ $50 million GWP, 5,300 clients and with 30 staff across Christchurch, Auckland and Greymouth, Runacres are one of the largest brokers in New Zealand. Its portfolio spans corporate, commercial and personal clients.
The transaction also stays true to AUB Groups
unique ‘owner-driver’ partnership model, with AUB Group
NZ already agreeing to sell down an equity stake to David
Crick, the current CEO and MD of Runacres. “AUB Group has
long signalled its intention to replicate our highly
successful ‘owner-driver’ partnership model into New
Zealand, and the acquisition of such a high calibre
business, reinforces our commitment to this”
said
Searles.
The acquisition will retain key leadership within the business. David Crick CEO & MD is highly respected and will continue to lead the business. “I’m elated to be further strengthening our relationship with AUB Group NZ. I am confident that this partnership will provide my team with an effective platform for continued growth” said David Crick.
“Today’s announcement is a key step in confirming our position as Australasia’s leading insurance and risk management specialist. We’re excited by the future and the possibilities it presents,” said Mr Searles.
* Under NZ $50 million GWP
ends