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Insurance group Howden has closed the acquisition of Apex Insurance New Zealand and its associated subsidiaries (Apex).

The parties have not disclosed the financial terms of the deal.

Howden said the acquisition will “greatly accelerate” its strategy to strengthen its broking operation in the Pacific region.

Said to be one of the largest privately owned insurance brokers in New Zealand, Apex provides full-service brokerage services.

It serves commercial mid-market, SME and domestic customers across a wide range of industries, including bodies corporate, property, marine, sport and transport, as well as many schemes and affinities.

Based in New Zealand, Apex provides services to more than 14,000 customers and manages over 2,500 client claims annually.

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By GlobalData

The company has offices in Christchurch, Thames, North Shore, and Tauranga.

Howden said the acquisition will also boost its broking operations in New Zealand. It is expected to be an integral part of Howden’s combined New Zealand broking business comprising Apex, Wallace McLean and Howden Broking NZ.

Howden said in a statement: “This structure will enable Howden to meet the end-to-end needs of the full spectrum of corporate to micro-SME clients.”

Howden Pacific CEO Matt Bacon said: “This acquisition builds upon and enhances our New Zealand broking strategy, which has seen us grow significantly over the past 18 months, further expanding our presence in this key geographical region.”

In July 2023, Howden announced the acquisition of Hudson Sky International, a Swiss aviation insurance broker.

The deal forms part of Howden’s efforts to broaden its product offering for customers in Switzerland and ex-Swiss markets.