Community Broker Network expands into New Zealand via Folio deal

Community Broker Network has acquired Folio's broking network operations as it expands into the New Zealand market.

Under the arrangement, Folio will continue to own and operate its technology platform and related operations, while its broker network will transition to operate as CBN NZ. This marks the launch of a new division of Community Broker Network in New Zealand, expressly focused on supporting Authorised Representatives in the region.

Agreement details

The structure of the agreement allows both businesses to specialise in their core competencies. Community Broker Network will concentrate on developing and supporting its broker network in New Zealand, while Folio will focus on advancing its platform and digital solutions for brokers.

This is an exciting step forward for both businesses. Folio has built a strong network of brokers, supported by innovative technology. With this partnership, CBN can focus on growing and supporting that broker network, while Folio accelerates its platform development. The timing is right - the market needs it, and we're ready. - Richard Crawford, CEO, Community Broker Network

Community Broker Network's team in New Zealand will be managed by Alistair Monk, who will continue to lead local operations. According to the two organisations, local systems and services will be maintained as usual, with the additional resources and capabilities from Community Broker Network's wider operation.

Leadership perspectives

Folio leadership commented on the change, reiterating the company's commitment to its technology focus.

At Folio, we've always believed that brokers deserve world-class tools built specifically for them - by people who truly understand the industry. This agreement allows us to double down on that vision, focusing entirely on delivering the most intelligent, intuitive broker platform in the market. At the same time, we know our broker community will be well-supported by CBN, whose scale and experience make them an ideal partner for this next chapter. - Roneel Kumar, Co-Founder, Head of Technology, Folio

The acquisition is supported by Steadfast New Zealand, a stakeholder that has played a role in the facilitation of the partnership between the two businesses.

Community Broker Network already supports more than 340 Authorised Representative businesses and cites a commitment to sustainable growth and investment in its membership base. The company emphasises a long-term approach, with a focus on developing member success rather than network expansion in absolute terms.

Market context

This development brings Community Broker Network's model and resources to the New Zealand market, aiming to offer local brokers enhanced service and technology support. CBN has experience in supporting insurance brokers throughout Australia, where it works with more than 900 individuals in both regional and metropolitan settings.