New Zealand broker Rothbury has acquired Ascot Insurance Brokers to become the third largest broking company in the country.

Rothbury has been a member of Steadfast since 2013 – the Australian broker group has a 30% shareholding in the company, and Rothbury was its founding New Zealand member.

The Ascot acquisition will double Rothbury’s existing Northland branch, adding four senior brokers and seven support staff focused on commercial, domestic and rural business.

Ascot has operated in Northland for 20 years.