AUB Group has announced the acquisition of the remaining 50 per cent shareholding of BrokerWeb Risk Services (BWRS), one of the largest New Zealand brokerage groups.
The new partnership business model would assume an implementation of an employee shareholding structure at BWRS, aimed at creating alignment with AUB Group shareholders.
As a result of the acquisition, the firm’s founder and chief executive, David Archer, would step down from his role and the company had announced a recruitment for a new CEO.
AUB Group’s chief executive and managing director, Mark Searles, said that strategic acquisitions across Australia and New Zealand would form a key element of AUB group’s diversified growth model and compliment the firm’s organic growth.
AUB NZ bought the first 50 per cent of BWRS in November, 2014 and the announcement followed the Group’s AUD116 million capital raise in November, which also saw the announcement of an increased shareholding in Adroit Insurance & Risk,
The group also said it had committed over AUD67 million to acquisitions in the current financial year.
“BWRS is a leading insurance broker with immense opportunity, and is an ideal fit for unique ‘skin in the game’ partnership model,” Searles said.