Major underwriting agency group Stardex has made its first foray outside Australia with the acquisition of NZ-based Inbroke Corporation.

The acquisition of the underwriting agency and wholesale broker, for an undisclosed fee, brings Stardex's total number of underwriting agencies to eight.

Stardex CEO Bob Lee told Sunrise Exchange News yesterday there could be more NZ acquisitions to come. "There is an opportunity for us to add value to the NZ market."

Inbroke is based in Auckland and specialises in hard-to-place motor insurance and other specialist property and liability cover in partnership with retail brokers.

Mr Lee confirmed Inbroke's nine employees would be staying with the company.