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Dorchester Pacific buys Invincible

Listed financial services company Dorchester buys Invincible Life.

Friday, December 24th 1999, 12:00AM

by Philip Macalister

Dorchester Pacific, which owns financial planning firm Equity, is expanding into the insurance industry with the purchase of Wellington-based Invincible Life Assurance.

Invincible is a small insurance firm which is one of the only companies offering annuities in New Zealand. It also offers mortgage finance, superannuation and a pre-paid funeral policy.

Invincible hit the headlines several years ago when founder Gene Thomas and his son were found murdered in the company's office on The Terrace.

Dorchester Pacific's chairman Murray Radford says Invincible is a profitable niche business which Dorchester had been able to acquire for a cash sum of approximately $3.79m.

This fitted well with Dorchester in terms of both compatibility and size, given Dorchester's range of activities and its total assets in excess of $100m, he says.

The business, which has been on the market for sometime, has been run by Dianne Thomas.

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