AUB Group, an Australia-based provider of risk management, advice and solutions, has purchased the remaining 50% stake of BrokerWeb Risk Services (BWRS) in New Zealand.
Effective 1 January 2019, AUB Group has become the sole owner of BWRS. Earlier in November 2014, AUB acquired 50% stake in BWRS.
BWRS is one of New Zealand’s largest insurance brokers, with NZ$150m ($101.93m) in gross written premium (GWP). It serves nearly 25,000 clients including large corporate, SMEs and retail consumers across New Zealand.
AUB Group CEO and managing director Mark Searles said: “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.”
An employee shareholding structure will be put in place to enable the BrokerWeb leadership team to have ‘skin in the game’ and creating alignment with AUB Group shareholders.
As per terms of the transaction, BWRS founder and CEO David Archer will step down from his role.
AUB NZ managing director Keith McIvor said: “BWRS has had a very successful few years, thanks to the leadership of David Archer and his executive team.
“We thank David for his ongoing support since the first 50% acquisition in November 2014, and for his hard work in establishing a strong leadership team and business strategy to take BWRS forward.”
During the last five and a half years, AUB Group has concluded 39 transactions totalling A$199m, excluding BWRS.