AUB Group has confirmed details of its biggest acquisition to date “in dollar terms” across Australia and New Zealand.

The group has acquired 100% of BrokerWeb Risk Services, one of New Zealand’s largest brokers. It already owned 50% of the business following a deal completed in November 2014.

The purchase of the remaining shareholding, effective from January 1, is the latest in a series of acquisitions that has seen AUB spend almost $200 million over five-and-a-half years.

A spokeswoman declined to put a figure on the deal, but confirmed to insuranceNEWS.com.au it is the largest in AUB’s history. More than $67 million has now been spent on acquisitions in the current financial year.

With $NZ150 million ($141 million) in gross written premium, BrokerWeb works with 25,000 clients made up mainly of large corporates, SMEs and retail consumers.

An employee shareholding structure will be put in place to enable the BrokerWeb leadership team to have what AUB CEO and MD Mark Searles referred to today as “skin in the game”.

Founder and CEO David Archer will step down, and while AUB says he will “remain active” in the business, recruitment for a new CEO is already underway.

No other changes to the BrokerWeb leadership team are expected.

Today’s announcement follows AUB’s $116 million capital-raising in November, when an increased shareholding in Victorian-based broker Adroit Insurance & Risk was also announced.

Mr Searles says strategic acquisitions across Australia and New Zealand “continue to form a key element of AUB Group’s diversified growth model, whereby organic growth is complemented by acquisitions that demonstrate strong strategic and cultural alignment”.

“BrokerWeb is a leading insurance broker with immense opportunity, and is an ideal fit for our unique ‘skin in the game’ partnership model.”