Howden Broking has announced the acquisition of New Zealand-based broker and risk manager Wallace McLean as it continues its expansion into the Pacific region.

Founded in 2001, Wallace McLean focuses primarily on corporate business in New Zealand, covering numerous industries, including property, agriculture, retail and distribution, as well as several other fields.

Founder and Principal of Wallace McLean Nigel Wallace says the partnership will provide the Auckland brokerage access to an international market.

“We chose to join up with Howden because it offers us international depth and breadth, and allows access to global insurance markets to offset the current New Zealand insurance market conditions,” Mr Wallace said.

Howden announced plans to expand into the New Zealand market last November, and the move marks its first major acquisition in the region.

“This acquisition is another great step forward in our strategy to expand our platform in New Zealand, and continue to offer a choice to clients and talent in this key Pacific market,” Howden Pacific CEO Matt Bacon said.