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NZ broker groups join forces

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Austbrokers-owned BrokerWeb Management (BWM) is to merge with Brokernet NZ to create the third-largest broking group in New Zealand.

The combined operation, to be launched under a new brand, will have gross written premium of about $NZ530 million ($492 million).

“This new partnership proposal will give us the collective capacity to establish ourselves as a major force and challenger brand in the New Zealand market,” BWM MD Jim Harris told insuranceNEWS.com.au.

The agreement should be finalised by July 1, with the partnership becoming operational on October 1. Austbrokers bought BWM late last year, along with a 50% interest in BrokerWeb Risk Services, in a deal worth more than $NZ20 million ($18.55 million).