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

The shares will be acquired from Steadfast Group NZ Holdings, a move set to take effect on 15 March 2024.

Financial terms of the deal were undisclosed.

Austinsure managing director Neil Austin will depart from his role to pursue other interests after a long tenure.

In a press statement, Rothbury said: “After a long and successful career, Austinsure Managing Director, Neil Austin, is leaving Austinsure to focus on outside interests.”

Rothbury managing director Roger Abel said the deal will offer “significant benefits” to Austinsure customers and employees.

Abel added: “Rothbury’s investment enables Austinsure to further enhance the high level of service provided to their clients by leveraging Rothbury’s services, products and technology infrastructure. Similarly, Rothbury clients will benefit from the aviation and professional indemnity expertise that Austinsure is renowned for.

“Growing our business and team across the country has long been part of our growth strategy and we are excited to be partnering with the team from Austinsure.”

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

Austinsure is engaged in providing independent, specialist advice as well as service in specific business areas.

Last year, general insurance brokerage service provider Steadfast Group forayed into the US with the purchase of privately owned independent insurance agency network ISU Group (ISU) for $55m (A$83.13m).

ISU has nearly 220 member agencies across more than 40 US states.