ICIB Brokerweb acquiring the life and health risk business of a Christchurch-based practice drew much reader interest this week…
ICIB Brokerweb has announced it has acquired the life and health risk business of Christchurch-based Adelphi Insurance Brokers.
The company says the owner of Adelphi, Chris Boon, will retain the financial investment side of the business while the portfolio of life and health customers he has built over many years will now be owned and serviced by the ICIB Life & Health team.
Managing Director of ICIB, Grant Milne, says that as with any business the firm chooses to invest in, the client value proposition must align to ICIB’s own.
“Adelphi not only has this alignment but brings a strong client base that enables our Life & Health business to grow to scale, particularly in the Canterbury region. It also brings the opportunity to expand our fire and general business with our ability to offer the full range of risk-based insurance solutions to Adelphi’s clients.”
The company says that while ICIB continues to scale up, Christchurch-based Boon is looking to scale down, so the timing worked for both companies.
Boon says he had reached a juncture where the business was continuing to grow “…but I wanted to focus on my other business ventures. I am grateful to have found the right people in ICIB to look after my clients in the same way I have always done, whilst having the opportunity to retain and look after the clients who require the more specialised side of financial investment advice that I am passionate about.”
ICIB says it’s looking forward to getting to know its new clients over the coming months with the team having taken on new life and health advisors to ensure that Adelphi’s clients are well looked after.
The Adelphi clients will be serviced by the ICIB Brokerweb Canterbury business led by Jay Nam.