Auckland-based firm has annual revenues of £2.7m

Acquisitive broking group Arthur J Gallagher has bought New Zealand broker Mike Henry Insurance Brokers (MHIB) for an undisclosed sum.

The Auckland-based broker has annual revenues of about $4.5m (£2.7m).

The company was founded 30 years ago and is led by chief executive Graham Henry. Its products include cover for transport and freight, jewellery and watchmakers, hotels and hospitality, real estate, and public sector.

It also provides cover for affinity schemes in areas such as professional, trade, sports, and non-profit associations.

MHIB is a member of Gallagher’s world-wide broker network, the Gallagher Global Alliance.

Gallagher Australasia chief executive Andrew Godden said: “Having worked closely with the first-class team at MHIB for several years, we knew they shared our emphasis on service and expertise so represented a great cultural fit.

“So when we looked to continue our growth strategy of investment in Asia-Pacific and expand into New Zealand, they were the obvious and perfect partner. Their value proposition is absolutely aligned with our Australian business, in that they bring international experience in niche sectors to the local market.”

Henry added:  “As an ambitious broker, determined to deliver strong growth while remaining agile and entrepreneurial in spirit, Arthur J Gallagher offered us the ideal platform upon which to execute our plans.

“We look forward to maximising the opportunities inherent in becoming part of one of the world’s largest insurance broking and risk management services firms, whil further enhancing our service delivery to our customers.”