Allied Kiwi buys insurance broker Metro Broker Link

Allied general manager Brendon Smith says Metro has nearly 80 insurance brokers, as well as a few mortgage brokers, and will double the size of Allied's insurance operation.

Before the acquisition, mortgage broking accounted for about three quarters of Allied's business.

"It's an exciting acquisition for us," Smith says. "We're serious about mortgages but equally we want to be a serious player in that insurance risk space and that's what it's about," he says.

Allied currently provides services to about 230 brokers operating under either its Kiwi Mortgage Market brand or their own brands. Metro will continue to operate under its own brand.