AUB Group acquires one of New Zealand¹s largest brokers and current Insurance Broker of the Year - Runacres and Associates.
Announcement posted by AUB Group 14 Dec 2015
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
For all media enquiries please contact:
Vanessa Lyons, Head of Marketing, AUB Group
+61 3 9236 6203 or +61 474844420
vanessal@aubgroup.com.au
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About AUB Group Limited. AUB Group (ASX:AUB) is the leading equity-based risk management, advice and solutions provider in Australasia. Operating across a broad spectrum of risk and insurance, AUB Group is providing total risk solutions for clients. A top 250 ASX listed company, AUB Group comprises 75 equity businesses that form leading insurance broking networks (Austbrokers and NZbrokers), underwriting agencies (SURA) and specialist risk services. Serviced through partners, the group represents more than 450,000 clients, across 310 locations and in excess of $2.6 billion of GWP. For more information, visit www.aubgroup.com.au
About AUB Group NZ Limited. AUB Group NZ is the New Zealand subsidiary of AUB Group Limited. With equity-based partnerships, as well as ownership of NZbrokers, which manages the largest cluster group of brokers in New Zealand, it is now the third largest group in New Zealand. Combined, AUB Group NZ represents more than 100,000 clients, across some 55 broker members and in excess of $500 million of GWP. For more information, visit www.aubgroup.co.nz
About Runacres and Associates. Runacres and Associates is one of New Zealand’s largest brokers. With 30 staff located in Christchurch, Auckland and Greymouth, and representing some NZ $50 million of GWP, their 5,300 clients span across corporate, commercial and personal areas. Runacres is part of the NZbrokers group, the third largest broking group in New Zealand. For more information, visit www.runacres.co.nz
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
For all media enquiries please contact:
Vanessa Lyons, Head of Marketing, AUB Group
+61 3 9236 6203 or +61 474844420
vanessal@aubgroup.com.au
--------------------------------------------------------------------------------- ENDS------------------------------------------------------------------------------------------------
About AUB Group Limited. AUB Group (ASX:AUB) is the leading equity-based risk management, advice and solutions provider in Australasia. Operating across a broad spectrum of risk and insurance, AUB Group is providing total risk solutions for clients. A top 250 ASX listed company, AUB Group comprises 75 equity businesses that form leading insurance broking networks (Austbrokers and NZbrokers), underwriting agencies (SURA) and specialist risk services. Serviced through partners, the group represents more than 450,000 clients, across 310 locations and in excess of $2.6 billion of GWP. For more information, visit www.aubgroup.com.au
About AUB Group NZ Limited. AUB Group NZ is the New Zealand subsidiary of AUB Group Limited. With equity-based partnerships, as well as ownership of NZbrokers, which manages the largest cluster group of brokers in New Zealand, it is now the third largest group in New Zealand. Combined, AUB Group NZ represents more than 100,000 clients, across some 55 broker members and in excess of $500 million of GWP. For more information, visit www.aubgroup.co.nz
About Runacres and Associates. Runacres and Associates is one of New Zealand’s largest brokers. With 30 staff located in Christchurch, Auckland and Greymouth, and representing some NZ $50 million of GWP, their 5,300 clients span across corporate, commercial and personal areas. Runacres is part of the NZbrokers group, the third largest broking group in New Zealand. For more information, visit www.runacres.co.nz