ICIB Brokerweb has acquired the life and health risk business of Adelphi Insurance Brokers, transferring Adelphi’s life and health portfolio to its Canterbury-based life and health team. Under the deal, Adelphi owner Chris Boon will retain the financial investment side of the business. The life and health customers he has built over many years will move to ICIB Brokerweb and be serviced by the ICIB life & health team, with support from the ICIB Brokerweb Canterbury business led by Jay Nam.
ICIB Brokerweb managing director Grant Milne said the transaction aligns with the group’s approach to selecting acquisition targets. “As with any business we choose to invest in, the client value proposition must align to our 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,” Milne said.
For Boon, the transaction is part of a planned change in focus. Based in Christchurch, he will step back from the demands of a growing life and health book to concentrate on investment-related work and other business interests. “I 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,” Boon said.
ICIB Brokerweb has added life and health advisers to help manage the transfer and ongoing servicing of Adelphi’s clients. The Adelphi book joins other Canterbury-based life and health portfolios that have entered the group through recent acquisitions. Milne framed the transaction in terms of both succession and growth. “This is an exciting new chapter for both ICIB and Adelphi. Chris is well respected in the industry, so we really are pleased to have been able to work with him to make this purchase happen to meet both of our future goals,” he said.
The Adelphi deal follows a significant anniversary for ICIB Brokerweb Group, which in 2025 marked 50 years in the New Zealand insurance broking and risk advisory market. The group traces its origin to July 7, 1975, when Colin Evans and James Crisp Limited established Industrial and Commercial Insurance Brokers (ICIB) Ltd. Since then, ICIB has grown through a series of mergers and acquisitions and now operates under the ICIB Brokerweb Group name.
Today, the group reports more than 320 staff across 18 branches in New Zealand and describes itself as the country’s fifth-largest insurance broking and risk advisory firm. It continues to employ two staff who worked in the original business and retains long-standing client relationships built over several decades. Marking the 50-year milestone, Milne highlighted the firm’s ownership model and recent acquisition activity. “We are not only extremely proud of our Kiwi heritage over the last 50 years, but the fact that our business is still managed by employee shareholders. We look forward to our continued growth, whilst still maintaining our focus on building valued client relationships and providing excellent risk and insurance advice to our clients,” Milne said.
The Adelphi acquisition adds to a series of 2025 deals through which ICIB Brokerweb has added specialist lines expertise and regional coverage. On July 29, 2025, Auckland-based Paramount Insurance joined the group. Paramount has operated for more than 30 years and focuses on insurance for retirement villages and care facilities. Founder Ian Atkinson and office manager Tracy Robinson remain with the business. On July 9, 2025, life and health advisory AssureMe also joined ICIB Brokerweb. The Auckland-based business serves a substantial client base in the Chinese and wider Asian community, with a focus on life and disability, trauma, and health insurance, as well as key person cover and employee benefits.
Ahead of the Adelphi transaction, ICIB Brokerweb added other Canterbury-based advisory firms to its network. On March 10, 2025, The Southern Group joined the group. Founder and financial adviser Ryan Beswick, who has a background in the military, concentrates on business insurance for small and medium-sized enterprises, including shareholder protection and key person programmes. On Feb. 23, 2025, Christchurch-based Connect and Grow Ltd, which focuses on employee benefits and life and health insurance, also joined ICIB Brokerweb. Director Kerstin Bain founded the firm after more than 30 years in the insurance sector.
For New Zealand insurance professionals, ICIB Brokerweb’s acquisition of Adelphi’s life and health risk business is another example of consolidation among intermediaries, particularly where succession planning and scale considerations influence owner-led firms. The run of 2025 and 2026 transactions points to sustained demand for specialist advice capabilities in areas such as aged care, SME shareholder protection, employee benefits, and community-focused life and health, with larger broking groups using acquisitions to integrate these niches into wider regional and national networks.
