Insurance Advisernet New Zealand has resigned as a corporate member of NZbrokers after a three-year partnership.

The resignation takes effect on September 30, and does not affect Insurance Advisernet’s relationship with NZbrokers’ parent company AUB Group.

AUB is a 50% shareholder of Insurance Advisernet.

Insurance Advisernet MD Shaun Standfield says the New Zealand business has “grown significantly” since the partnership with NZbrokers was established in 2016.

“The collective strength of the group across Australasia allows us to stand independently, with in excess of $600 million in gross written premium, more than 200 member broker firms and 75,000 clients,” he said.

He thanked NZbrokers for its support, saying that being a member “had been one of the key components to achieving the incredible growth that we have achieved in New Zealand”.

Insurance Advisernet Australia was formed in 1996 and is AUB’s largest Australian partner.

Insurance Advisernet New Zealand began operations in 2006 and was AUB’s first investment across the Tasman.

AUB launched NZbrokers in 2015 to amalgamate BrokernetNZ, BrokerWeb Management and Runacres.

The combined operation became the country’s third-largest broking group after Crombie Lockwood and Aon NZ.