Rothbury Group has introduced the acquisition of all shares in Austinsure, a New Zealand-owned insurance coverage brokerage,.

The shares might be acquired from Steadfast Group NZ Holdings, a transfer set to take impact on 15 March 2024.

Monetary phrases of the deal had been undisclosed.

Austinsure managing director Neil Austin will depart from his function to pursue different pursuits after an extended tenure.

In a press assertion, Rothbury mentioned: “After an extended and profitable profession, Austinsure Managing Director, Neil Austin, is leaving Austinsure to give attention to outdoors pursuits.”

Rothbury managing director Roger Abel mentioned the deal will supply “important advantages” to Austinsure prospects and staff.

Abel added: “Rothbury’s funding allows Austinsure to additional improve the excessive degree of service offered to their purchasers by leveraging Rothbury’s providers, merchandise and know-how infrastructure. Equally, Rothbury purchasers will profit from the aviation {and professional} indemnity experience that Austinsure is famend for.

“Rising our enterprise and workforce throughout the nation has lengthy been a part of our development technique and we’re excited to be partnering with the workforce from Austinsure.”

As a part of the acquisition,  eight specialists from Austinsure will transfer to Rothbury.

Austinsure is engaged in offering unbiased, specialist recommendation in addition to service in particular enterprise areas.

Final yr, common insurance coverage brokerage service supplier Steadfast Group forayed into the US with the acquisition of privately owned unbiased insurance coverage company community ISU Group (ISU) for $55m (A$83.13m).

ISU has almost 220 member businesses throughout greater than 40 US states.

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