Austbrokers has unveiled its combined New Zealand broking operations under a new brand – NZbrokers.

Austbrokers bought BrokerWeb Management late last year, before announcing in May that it was to merge with BrokernetNZ to create the country’s third-largest broking group.

Agreements have now been completed. NZbrokers has a combined gross written premium of $NZ420 million ($378 million), 53 business and more than 120,000 clients.

Keith McIvor, MD of Austbrokers’ 80%-owned subsidiary NZ Brokers Holdings, told insuranceNEWS.com.au it is exciting to take up the challenger position behind Aon and Crombie Lockwood.

“We’d never say no to being No.1 in New Zealand, but it isn’t all about size,” he said.

“Our model is totally different. The exciting thing is the collaboration of all our businesses, working together and combining the strength of the group.

“We would gladly take on other broking houses that want to work with us.”

There is still plenty to be done in terms of bringing together technology platforms and policy wordings, Mr McIvor says.

Austbrokers CEO and MD Mark Searles says the launch shows a focused strategy to capture new opportunities.

“We are committed to expanding into new markets and diversifying our growth,” he said.

Austbrokers entered the New Zealand market in 2006 through its partnership with Insurance Advisernet, taking a 38% equity stake in Insurance Advisernet NZ.