JRI

What JRI does

JRI is a privately held New Zealand insurance brokerage firm headquartered in New Plymouth with a secondary office in Christchurch, operating under the legal entity JRI Limited (FSP7841) and its wholly-owned subsidiary JRI Life Limited (FSP776171). The firm provides insurance broking and financial advice across personal lines (house, contents, car, specialty/classic vehicles, watercraft), commercial lines (business property, liability, fleet, professional indemnity, directors and officers, aviation, construction, rural), marine (cargo, liability, hull), corporate travel, and life/health/disability insurance.

Revenue is generated primarily through commissions paid by insurers (ranging from 0–25% on general insurance and 40–230% first-year on life/health products), supplemented by broker fees (typically 3% of premium) on general insurance transactions and premium funding commissions (approximately 3.65% of funded premium). The go-to-market is sales-led, relying on a team of 20+ experienced brokers and financial advisers engaging clients by phone (0800 RING JRI), email, in-person consultation at the two offices, and a basic online quote request form.

The business differentiates through the deep tenure of its advisory team (over 150 years combined insurance experience, with founder John Rae active since 1977), a long-standing partnership with Steadfast NZ (the largest broker network in Australia and New Zealand), and a niche specialisation in classic and specialty vehicle insurance. JRI is regulated by the Financial Markets Authority as a licensed Financial Advice Provider and is a member of the Insurance Brokers Association of New Zealand. The firm does not disclose revenue, does not use external institutional capital, and shows no material technology differentiation beyond standard broker platform tools.

Name

JRI

Legal name

JRI Limited

Website

https://jri.co.nz

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

11–50 employees

Short description

JRI is a privately held New Zealand insurance brokerage based in New Plymouth with a Christchurch office, providing personal, commercial, marine, and life/health insurance broking services to individuals, SMEs, and large enterprises across New Zealand through a team of 20+ experienced advisers.

Ownership category

akta.pro rank

Product category

Insurance Broking Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industries

Insurance Program Administration & MGA/MGU Services (FSAEADAK), Individual Health Insurance Brokerage & Distribution (FSAIAEAL)

Keywords

• Insurance broking services
• Commercial insurance
• Personal lines insurance
• Marine insurance
• Life health insurance

Headquarters

HQ city

New Plymouth

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Commission: Commissions paid by insurers as a percentage of the insurance premium when policies are placed or renewed. Commission rates vary by insurer and product type. For general insurance, commission ranges from 0-25% depending on policy type. For life and health insurance, initial commission ranges from 40-230% for first year and 5-30% for renewals.
2. Broker Fees: Fees charged to recover part of the cost of providing financial advice for General Insurance. Standard broker fees include: New Business 3% of premium or $75 minimum, Renewal 3% of premium or $75 minimum, Domestic Endorsements 3% of premium or $25 minimum, Commercial Endorsements 3% of premium or $50 minimum, Cancellation $50, Marine Transit Insurance 3% of premium or $100 minimum.
3. Premium Funding Commission: Commission earned when placing business with premium funders. Rates are usually 3.65% of the premium, not exceeding 5%. JRI works with Financial Synergy Ltd and Hunter Premium Funding for premium funding services.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

JRI is an insurance brokerage firm that researches the market and places insurance policies on behalf of clients with multiple insurers, earning commissions and fees. It offers a full portfolio covering personal lines (house, contents, car, specialty vehicles), commercial/business insurance (property, motor, liability, marine, professional indemnity), marine, corporate travel, and life/health/disability insurance, supported by premium funding services and claims advocacy. The company serves individuals, SMEs, franchise operators, and large enterprises across New Zealand from offices in New Plymouth and Christchurch.

Product overview

JRI is an insurance broking firm offering a comprehensive portfolio of insurance products and services primarily in New Zealand. The company operates as both a broker and financial adviser, providing Personal, Commercial, Marine and Life Insurance solutions. The core product lines include Business Insurance (covering commercial property, motor, liability, marine, and professional indemnity), Personal Lines Insurance (house, contents, car, and specialty vehicles), Marine Insurance (cargo, liability, and hull), Corporate Travel Insurance, and Life/Health/Disability Insurance. JRI also offers Premium Funding as a payment service to help clients manage premium costs through installment arrangements. The company distributes products from multiple insurers through its broker network affiliations with Steadfast and IBANZ.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Insurance Comprehensive insurance coverage for businesses of all sizes, including aviation, business interruption, commercial motor vehicle, commercial property, construction works, directors and officers liability, fleet and heavy haulage, machinery breakdown, marine, professional indemnity, public and products liability, and rural insurance. Targeted at SMEs, commercial businesses, franchise operators, and large enterprises across New Zealand.
• Personal Lines Insurance Insurance products for individuals covering home, contents, vehicle, and watercraft insurance needs, including comprehensive and basic coverage options for owners, landlords, and tenants across New Zealand.
• House Insurance Home insurance covering damage from fire, earthquake, landslips, and flood, with coverage options for owner-occupiers, landlords, and holiday homes.
• Car Insurance Vehicle insurance covering family vehicles, caravans, trailers, motorcycles, and classic cars, with claims assistance and access to trusted repairers.
• Specialty Vehicles Insurance Specialized insurance for classic cars, racing and performance vehicles, covering collector and enthusiast vehicles with tailored coverage options. JRI is described as one of the largest insurance brokers for classic cars in New Zealand.
• Marine Insurance Marine coverage including marine cargo (worldwide goods transit protection), marine liability, and commercial hull insurance covering vessels against perils of the sea.
• Annual Corporate Travel Insurance Annual travel insurance policies for businesses covering trip cancellation, travel interruptions, delays, emergency medical expenses, medical evacuation, and lost baggage for staff on overseas business and associated leisure travel.
• Life, Health and Disability Insurance Personal risk insurance including life insurance, income protection, total permanent disablement, critical illness/trauma cover, and health insurance providing access to private healthcare without public system waiting lists. Offered via subsidiary JRI Life Limited.
• Premium Funding Payment arrangement allowing clients to spread insurance premium costs over installments, typically over 12 months, through partnered premium funding providers (Financial Synergy, Hunter Premium Funding, and Elantis Premium Funding).

Quantifiable outcome

• One of the largest insurance brokers for classic cars in New Zealand

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Steadfast NZ LimitedcoreStrategic or Co-development PartnerSteadfast provides JRI with technology platforms, management, marketing, professional, technical and buying benefits and services support. Steadfast is the largest insurance broker network in Australia and New Zealand. JRI has arrangements with some insurers and premium funders under which Steadfast receives a fee for policies arranged through those providers.
• Insurance Brokers Association of New Zealand Inc. (IBANZ)coreOthersProfessional body representing the interests of member insurance brokers. JRI subscribes to the IBANZ Code of Professional Conduct.
• Financial Synergy LtdminorChannel Partner/ Reseller/ DistributorPremium funding provider partner offering competitive terms and customer service. Commission rate is 3.65% of the funded amount.
• Hunter Premium FundingminorChannel Partner/ Reseller/ DistributorPremium funding provider partner offering competitive terms and customer service. Commission rates vary from 3.65% to 4.40% depending on premium band.
• Elantis Premium FundingminorChannel Partner/ Reseller/ DistributorA division of Arthur J Gallagher New Zealand Limited. Provides premium funding services to JRI clients. Indicative interest rates are 8.16% for commercial and 8.54% for personal loans.

Scale indicators3 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Crombie Lockwood: One of New Zealand's largest independent insurance brokerages, offering multi-line personal, commercial, marine and life insurance placement. Directly comparable to JRI in product breadth, broker-channel distribution, and NZ-wide client mix, though at substantially greater scale.
• Rothbury Insurance Brokers: Established NZ insurance broker with multi-line general insurance and life/risk placement, including commercial and marine lines. Rothbury competes head-on with JRI for NZ SME, commercial, and personal insurance customers via an adviser-led broking model.
• BrokerWeb Risk Services: NZ-focused commercial insurance broker network placing business across general, marine, liability and specialty lines. Comparable to JRI's commercial broking motion and Steadfast-style aggregator affiliation model, with overlapping mid-market and commercial client bases.
• OAMPS Insurance Brokers (NZ): NZ commercial and specialty insurance broker with a national footprint placing business across commercial, marine, liability and property lines. Comparable to JRI's commercial broking and claims advocacy capabilities for mid-market and enterprise clients.
• Insurance & Financial Brokers (IFB NZ): Independent NZ insurance and financial advisory broker placing multi-line personal, commercial and life insurance. Operates with a similar adviser-led, regional footprint model as JRI, competing for SME and personal insurance customers.

Broad incumbents

• Aon New Zealand: Global insurance and reinsurance broker with corporate, commercial, marine, and life broking offerings across NZ. Overlaps JRI's commercial and specialty lines; JRI even draws experienced hires from Aon (e.g., Kirsty-Lee Bracegirdle), underscoring direct talent and client competition.
• Arthur J Gallagher New Zealand: Global insurance broker and risk adviser with a sizeable NZ office that also operates MGA/program administration capabilities (including Elantis Premium Funding, a JRI partner). Overlaps JRI across commercial, marine, and life/health placement but at much larger scale and with broader global product access.
• Marsh New Zealand: Global risk and insurance brokerage with NZ operations across commercial, marine, professional indemnity and employee benefits. Comparable to JRI's commercial and specialty placement, primarily competing for mid-market and enterprise accounts.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/JRILimited
• Facebookfacebook.com/John.Rae.Insurance
• LinkedInlinkedin.com/company/jri-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

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 JRI