Pictured: NZHL CEO Kip Hanna, NZHL chairman Richard Westlake and LFG chief executive Josh Bronkhorst.
NZHL announced, this week, it was taking a majority stake in the Link Financial Group for an undisclosed sum. Also undisclosed was what its shareholding would be.
The Link LFG Insurance arm of LFG has around 85 risk advisers and is on track to write API of between $4 million and $5 million in the current 12 month period. Its sister company Mortgage Link has 140 mortgage advisers.
Mortgage Link and NZHL are of similar sizes each writing around to $3 billion worth of home loans each year.
LFG also has a small fire and general arm.
NZ Home Loans, is owned by cashed up Kiwi Group Holdings, which is a government owned business. In recent months it has sold KiwiWealth to Fisher Funds, Kiwi Insurance to nib and Hatch to FNZ.
Speaking at the Link Group conference yesterday NZHL chairman Richard Westlake says LFG is Kiwi success story and a growth opportunity for the business.
NZHL was attracted to LFG CRM, Advice Link, it had developed to help advisers. He also said LFG was a good cultural fit.
NZHL chief executive Kip Hanna said the company was “looking forward to utilising the New Zealand technology expertise of LFG – particularly their proprietary advisory software – Advice Link.”
LFG managing director Josh Bronkhorst will remain a shareholder in the business and will continue to run LFG.
"I will be around as long as you will have me and I can keep adding value," he said.
"We were attracted to Josh's leadership," NZHL chief executive Kip Hanna said.
"Initially we will run the two businesses quite separately."
Hanna says although NZHL and LFG have different client propositions both businesses are committed to helping Kiwis get ahead financially.
Much was made of the fact that LFG would stay New Zealand owned, while some of the other mortgage aggregation groups were Australian owned.
Westlake told advisers "we can give you that assurance LFG will stay in New Zealand hands."
Bronkhorst says “it will pretty much be business as usual for our people and our clients, it’s great to have NZHL on board to help us drive the business forward and maximise future growth.”
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