AUB Group has merged its broking business BrokerWeb Risk Services (BWRS) with independent brokerage ICIB to create the New Zealand’s fifth largest insurance broking firm.

The merged entity, named ICIB Brokerweb Insurance and Risk Advisory, will be owned by AUB Group and senior management members.

The merger is expected to significantly expands the two firms’ scale and capabilities, offering access to more local service and a greater level of specialist skills for clients in New Zealand.

AUB Group managing director and CEO Mike Emmett said: “I am very pleased to welcome Grant and the ICIB team to the AUB family. 

“ICIB are a well-respected and admired broking team with capabilities and a geographic footprint that is an excellent complement to BWRS.  The merged business will be one of the leading broking businesses in New Zealand offering significant opportunities to our team and benefits to our clients.”

ICIB current managing director Grant Milne will lead ICIB Brokerweb, with leadership team comprising senior managers from BWRS and ICIB.

ICIB Brokerweb managing director Grant Milne said: “I am thrilled to have been given the opportunity to both invest in and lead ICIB Brokerweb and build on the foundations that have deep roots back to the mid-1970s.

“We have an exciting time ahead as we create the next chapter of the business, enhancing the services we provide to our clients and the new career opportunities we can create for our employees.”

BrokerWeb Risk Services is engaged in providing insurance broking and risk management solutions for corporate, commercial, rural and domestic insurance buyers.