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Hellaby backs Club Life

Club Life gets ready for business by signing up a financial backer and engaging reinsurers.

Friday, April 6th 2001, 8:28AM

by Philip Macalister

Listed company Hellaby Holdings has confirmed it will be the key backer for Club Life, taking a 72% stake in the business for $4 million.

Club Life is planning to launch in June with a capital base of $5.5 million. The balance of the capital will come from Club Life management and associated parties.

The company is planning raise $1 million by offering shares to supporting brokers.

It is envisaged the company would list within 5 years.

The other major development with Club Life is that it would use German-based reinsurers Gerling Global and Munich.

Hellaby Holdings general manager David Houldsworth says that after doing extensive market research and due diligence Hellaby was convinced that the consolidation of the life assurance market over recent years has created a significant opportunity for a new New Zealand owned, customer focused life assurance company.

"In our view, this is an opportunity that Club Life is well positioned to realise." he says.

Club Life chairman Peter Fitzsimmons says that Club Life's launch "is without doubt one of the most important developments within the industry over the past decade."

"In terms of choice the industry has rationalised itself to a standstill. In Club Life we have a new David to take on the Goliaths" he said.

Club Life chief executive Naomi Ballantyne believes Hellaby’s decision to invest after a thorough analysis of the industry, confirms her belief that the Club Life model will meet the needs of advisers and their customers.

"Club Life will operate in partnership with leading advisers and brokers to provide a unique standard of products and service. This is where our focus lies." she says.

Hellaby's other investments include Hannahs footwear, Levana textiles and Total Metering.

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