PIC Insurance Brokers

What PIC Insurance Brokers does

PIC Insurance Brokers is a New Zealand-headquartered insurance brokerage operating under the legal name P.I.C. Insurance Brokers Limited. Founded in 1989 in Panmure, Auckland by Mike Garner, the firm is privately held and 100% New Zealand owned, with a registered office at 3/15 Accent Drive, East Tamaki, Auckland and additional offices across New Zealand. PIC is self-positioned as the largest 100% NZ-owned and independent insurance broker in the country, holding Financial Service Provider licence FSP39341 from the Financial Markets Authority to provide financial advice on fire & general and life & health insurance. The company represents New Zealand in the Worldwide Broker Network (WBN, 150+ brokers across 100+ countries) and is a member of the Asia Australasia Alliance (AAA), enabling cross-border servicing without overseas offices.

The brokerage offers a multi-line portfolio spanning Business Insurance, Personal Insurance, Marine Insurance, Life & Health Insurance and Employee Benefits, supported by a dedicated in-house claims team and a specialist Employee Benefits unit. It also operates the Sports Club Insurance Rebate programme (returning 50% of commission to qualifying sports clubs) and acts as agent for related company Stockade Premium Funding Limited to arrange premium funding loans. The underlying technology stack is standard brokerage infrastructure (cloud storage, access controls, Google Analytics, digital communications) with no proprietary platform disclosed.

PIC's revenue model is commission-driven: percentage-of-premium commission from insurers on fire & general policies (placement and renewals) and recurring trail commission on life & health policies, supplemented by brokerage fees, administration fees, credit-card surcharges, interest earned on client premium funds held in the broking account, and referral income including from Stockade. The go-to-market is sales-led via a direct salaried broker/adviser force (brokers do not receive insurer commissions, reducing conflict of interest), with phone, email and contact-form inside sales, and grassroots acquisition through 20+ years of NZ sports and charity sponsorships.

Name

PIC Insurance Brokers

Legal name

P.I.C Insurance Brokers Limited

Website

https://pic.co.nz

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

PIC Insurance Brokers is a 100% New Zealand-owned independent insurance brokerage offering business, personal, marine, life & health, and employee benefits cover to NZ consumers, businesses and community organisations, with cross-border servicing via the WBN and AAA global broker networks.

Ownership category

akta.pro rank

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurer commission on fire & general policies: PIC receives commission from insurers calculated as a percentage of the insurance premium (excluding government charges, levies and taxes). Commission rate varies by insurer, insurance type, cover and transaction arrangement. Commission is earned on placement and on renewals, and in some cases on variations. The company reserves the right to retain commission even if the policy is cancelled.
2. Insurer commission on life & health policies: For life and health insurance, PIC receives commission from the insurance company, paid each year the policy is in force (recurring trail commission). Generally no separate fee is charged to the client for these policies.
3. Brokerage fees for fire & general policies: PIC generally charges a separate fee for placing and managing fire & general policies, in lieu of or in addition to insurer commissions. Fees are advised to the client before any regulated financial advice is given.
4. Administration and ancillary fees: Administration fees are charged to cover disbursements and expenses. A fee applies for financial advice provided if a client cancels a life or health policy within two years of inception. A surcharge applies to credit card payments. Administration fees are also charged for issuing replacement policies, certificates or copy documents.
5. Interest on client funds and referral income: Earns interest on funds held in the insurance broking client account between receipt and disbursement. May also share remuneration with third-party referrers and receive benefits for outbound referrals to third parties.
6. Premium funding loan agency (Stockade Premium Funding): PIC acts as an agent for related company Stockade Premium Funding Limited to arrange premium funding loans for fire & general clients. While acting as Stockade's agent rather than as credit provider, this generates referral and servicing revenue. The shareholders of PIC and Stockade overlap.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

PIC Insurance Brokers is a New Zealand insurance brokerage that places business, personal, marine, and life & health insurance for clients across New Zealand and globally. The firm acts as an independent intermediary, comparing cover options across multiple insurers, providing risk advice, and supporting clients throughout the claims process with a dedicated in-house claims team. Premium funding support is available through its related entity, Stockade Premium Funding Limited.

Product overview

PIC Insurance Brokers is a New Zealand insurance brokerage firm offering a multi-line product portfolio organized into four core insurance categories — Business Insurance, Personal Insurance, Marine Insurance, and Life + Health Insurance — supported by specialty programs such as the Sports Club Insurance Rebate and a dedicated Claims Service. The offering is structured as a portfolio of distinct brokerage service lines rather than a single unified platform, with each product line representing a separate advisory and placement capability.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Insurance

Quantifiable outcome

• 100% New Zealand owned since founding in 1989
• +4 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

14 partnerships are on record, tiered flagship, core and minor.

• WBN (Worldwide Broker Network)flagshipStrategic or Co-development PartnerPIC Insurance Brokers represents New Zealand in the WBN global network, the largest independent broker network in the world. WBN has more than 150 broker members in over 100 countries, providing service to multinational clients across property & casualty and employee benefits. The network enables PIC to service NZ-based clients operating abroad and to receive inbound referrals.
• Asia Australasia Alliance (AAA)flagshipStrategic or Co-development PartnerPIC is a member of the Asia Australasia Alliance (AAA), a network of like-minded independent insurance broking firms in the Asia Australasia region. The alliance allows PIC to arrange insurance for clients operating or purchasing businesses in the region through partner brokers, with all members independent and 100% owned in their respective countries.
• Royal New Zealand Yacht Squadron (RNZYS)flagshipGTM or Marketing PartnerPIC is the preferred marine insurer of the RNZYS and the current naming rights partner of the PIC Wednesday Series. Multi-year marine-segment partnership.
• PIC Coastal Classic (event)flagshipGTM or Marketing PartnerPIC has been the naming rights partner of the iconic PIC Coastal Classic since 2013 - a flagship sailing event partnership.
• Northern Mystics (netball)coreGTM or Marketing PartnerPIC is the official insurance broker of the Northern Mystics netball team. The partnership focuses on celebrating outstanding volunteers across the wider Auckland netball community.
• Northern Stars (netball)coreGTM or Marketing PartnerPIC is the official insurance broker of the Northern Stars netball team and features prominently on the dress of player Amelia Walmsley.
• Howick Pakuranga Cricket ClubcoreGTM or Marketing PartnerPIC is the naming rights partner of the Howick Pakuranga Cricket Club.
• Howick Pakuranga Netball CentrecoreGTM or Marketing PartnerPIC continues its long affiliation with netball through its partnership with the Howick Pakuranga Netball Centre.
• Pakuranga United Rugby ClubcoreGTM or Marketing PartnerPIC's founder Mike Garner was a passionate and long-serving supporter of the club. PIC continues to support the club as naming rights partner.
• Chasing the Fox (golf)minorGTM or Marketing PartnerPIC is the Official Insurance Partner of the annual Chasing the Fox golf event.
• Gut Cancer FoundationflagshipGTM or Marketing PartnerMajor charity partner. The partnership supports the Foundation's research, awareness and advocacy work for digestive cancers in Aotearoa New Zealand.
• Middlemore FoundationcoreGTM or Marketing PartnerPIC supports the Middlemore Foundation's annual Jammies for June campaign, providing new pyjamas and winter essentials to children cared for by Kidz First Children's Hospital. Three PIC offices act as official collection points.
• Insurance & Financial Services Ombudsman Scheme (IFSO)coreOthersPIC is a member of the IFSO dispute resolution scheme, providing customers with a free, independent dispute resolution service. The IFSO can be contacted at [email protected] or via ifso.nz.
• Insurance & Financial Services Ombudsman (IFSO) - via WBN global networkflagshipStrategic or Co-development PartnerPIC's representation in the WBN global network supports multinational client servicing across property & casualty and employee benefits, with more than 150 broker members in over 100 countries.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• ICIB Insurance Brokers: NZ-based independent insurance broker providing commercial and personal lines to New Zealand clients. Comparable to PIC in product breadth, channel mix (direct broker/adviser sales force) and geographic focus on the NZ market.
• Lumley Insurance: New Zealand insurance broker providing commercial and personal lines to NZ businesses and consumers. Comparable to PIC as a domestic multi-line broker competing for similar client segments.
• Crombie Lockwood: One of New Zealand's largest independent insurance brokerages offering business, personal and specialty lines. Directly comparable to PIC as a multi-line NZ-domiciled broker competing for the same commercial and personal clients.
• Rothbury Insurance Brokers: Large New Zealand-headquartered insurance broker with multi-line offerings (commercial, personal, marine, life & health) and a similar client base of NZ businesses and consumers. Closely comparable to PIC in scope, geography and target segments.

Broad incumbents

• Aon New Zealand: New Zealand arm of global broker Aon plc, offering risk management, commercial insurance brokerage and reinsurance. Competes with PIC for NZ mid-market and enterprise commercial accounts but operates as part of a global portfolio rather than as a NZ-independent specialist.
• Arthur J. Gallagher & Co (NZ): Global insurance brokerage and risk management firm with a New Zealand presence. Competes with PIC for NZ commercial and specialty business, especially marine and employee benefits, but as part of a global firm rather than an NZ-independent.
• Tower Insurance: NZ-domiciled general insurer with personal and commercial product offerings sold through direct and intermediary channels. Overlaps with PIC in customer-facing distribution but acts as a carrier/insurer rather than a pure broker.
• Marsh New Zealand: NZ operations of global broker Marsh (part of Marsh McLennan), serving large commercial and corporate clients with risk and insurance services. Comparable to PIC at the enterprise end of the NZ market, with broader global resources.

Emerging players

• Cove Insurance: New Zealand digital-first insurance intermediary targeting consumers and small businesses with streamlined online placement. Partial overlap with PIC's personal and SMB offering, but competing on digital UX rather than broker-led advice.
• Delta Insurance Group: NZ-based specialty insurance group offering underwriting agency and brokerage solutions with a focus on marine and commercial lines. Comparable to PIC's marine specialty and broader commercial offering but operating a hybrid underwriting/broker model.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PIC Insurance Brokers