Arrow set to fly
New life insurance company Arrow Life is all go, despite getting less than the desired number of shareholders.
Friday, February 20th 2004, 6:56AM
Chief executive Paul Bell says he is very confident the company will get the minimum of 20 shareholders.
He says a shareholders meeting was held last week and it was resolved “to go forward with the Arrow proposition.”
Bell says although the company will be smaller than originally anticipated and premium income would be less than forecast in the offer document, the proposition “still looked very viable.”
The idea behind Arrow is that it would be a company owned and run by advisers.
One significant change is that the company would now look for some “non-producer capital”. That is it would look for funding from a source other than advisers to establish the business.
Bell says there are a number of options available including using its finance company to raise money, seeking venture capital funding or securing institutional money.
One of the reasons for establishing Arrow was to provide advisers with wider choice of companies to deal with. PrefSure’s decision earlier this week to close down the Lumley Life operations in New Zealand market is a potential gain for Arrow.
Bell says there is a “core and critical group” of advisers behind the company and that it has attracted some significant players in the industry.
Two advisers who are behind the concept are Peter Chote from Cameron Chote Financial Services in Wellington and Nelson-based Alan Bradnock of Six Step Financial Services.
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