International insurance broker Howden has announced the acquisition of Wallace McLean to bolster operations in New Zealand.

The financial value of the deal, which is anticipated to provide a platform for Howden’s growth plans, was not disclosed.

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Founded in 2001, Auckland-based Wallace McLean is an advice-based insurance broking practice for corporate clients in the country and overseas.

The firm offers speciality insurance in areas including property, agriculture, shipping and freight operations, corporate, self-storage, film and entertainment, retail and distribution, and engineering and professional services.

Howden Pacific CEO Matt Bacon said: “This is a very exciting time for Howden in the Pacific, and we are honoured that Wallace McLean has chosen Howden to partner with. Wallace McLean is a highly regarded broker, with a very talented and experienced team, and we are delighted to welcome them into the Howden fold.

“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.”

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Wallace McLean founder and principal Nigel Wallace said: “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. We believe that this strategic partnership will enable us to continue and build on our growth strategies by future-proofing the insurance requirements of our clients.”

Last month, the UK-based firm brokered a $1.6bn deal to buy Connecticut-based reinsurance broker TigerRisk Partners.