Howden, the London-based insurance group, announced it has completed the acquisition of Apex Insurance New Zealand and its associated subsidiaries (Apex), effective Thursday, Aug. 31, 2023.
Financial details of the deal were not disclosed.
This acquisition greatly accelerates Howden’s strategy to form a leading broking operation in the Pacific region and builds on the solid foundation for the ongoing delivery of Howden’s growth plans in New Zealand and the overall servicing capabilities across the region.
Established in 1999, Apex is one of the largest privately owned insurance brokers in New Zealand and was formed initially to provide innovative insurance solutions in the fire and general insurance market. Today, Apex is a full-service brokerage focused on servicing commercial mid-market, SME and domestic customers across a wide range of industries including property, bodies corporate, marine, sport, transport, as well as many schemes and affinities.
Apex is headquartered in Auckland, New Zealand, with additional offices in Christchurch, Thames, North Shore, and Tauranga. The organization has an extensive team of experienced brokers and claims managers who service more than 14,000 customers and manage over 2,500 client claims annually.
Apex Insurance consists of Apex General Limited and its subsidiaries, Apex Funding Limited, Apex General Christchurch Limited, Apex General Thames Limited, Apex Marine & General Limited, Prosper Insurance Limited and Insurance Underwriters (NZ) Limited.
This acquisition strengthens Howden’s New Zealand Broking operations and will be an integral part of the combined New Zealand broking business comprising of Apex, Wallace McLean and Howden Broking NZ. This structure will enable Howden to meet the end-to-end needs of the full spectrum of corporate to micro-SME clients.
“The decision to join Howden was easy because of shared values and cultural alignment. Howden is similarly committed to delivering exceptional client service, building long-term relationships to deliver practical and cost-effective solutions,” commented James McGhie, managing director, Apex. “As a privately-owned business, Howden’s independence was a key consideration, and we are confident that together we will deliver the very best results for clients.”
“We are very excited with the acquisition of Apex and honoured that they have chosen to partner with Howden. Apex has long been a fixture of the New Zealand insurance landscape and we’re proud to be at the beginning of the next chapter in Apex’s future,” Matt Bacon, CEO, Howden Pacific, said.
“This acquisition builds upon and enhances our New Zealand broking strategy, which has seen us grow significantly over the past 18 months, further expanding our presence in this key geographical region,” Bacon continued.
About Howden
Founded in 1994, Howden Group operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the US, Australia and New Zealand, employing 15,000 people and handling $30 billion of premium on behalf of clients.
Source: Howden
Topics Mergers & Acquisitions
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