Community Broker Network has entered New Zealand by buying the Folio broking business, giving it an immediate national footprint.

As part of the agreement, Folio will retain its platform and technology operations under the Folio name, while the broker network will operate as CBN NZ.

CBN CEO Richard Crawford says Folio has built a strong network, supported by innovative technology.

“With this partnership, CBN can focus on growing and supporting that broker network while Folio accelerates its platform development,” he said today.

“The timing is right – the market needs it, and we’re ready.” 

The Wellington-headquartered network will continue operating under the leadership of Alistair Monk, providing business consistency with the backing of the larger group.

The operation includes 19 member brokerages and 30 individual brokers across New Zealand, with gross written premium of $NZ22.7 million ($20.7 million).

Folio co-founder and technology head Roneel Kumar says brokers deserve world-class tools built by people who understand the industry, and the CBN deal allows his business to focus on delivering “the most intelligent, intuitive broker platform in the market”.

“At the same time, we know our broker community will be well supported by CBN, whose scale and experience make them an ideal partner for this next chapter,” he said.

CBN, part of Steadfast Group, is Australia’s largest authorised representative network. It includes more than 340 AR businesses and more than 900 individuals.