|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, April 12th, 6:36PM


Latest Headlines

Lombard to become kiwi shell for Aussie insurer

Lombard Group, the owner of Lombard Finance which owes 4,400 investors some $127 million, will become a shell company for Perth-based insurer Australian Consolidated Insurance.

Monday, July 6th 2009, 9:43AM

by Paul McBeth

The companies have entered a conditional arrangement where ACIL will own 90% of Lombard, which is listed on the New Zealand stock exchange. The reverse takeover is subject to regulatory and shareholder approvals, and the mortgage book for Lombard will be put into a special purpose subsidiary which will take responsibility for any outstanding liabilities.

Lombard faces suspension from the NZX if it fails to provide its annual report by next Tuesday after missing the June 30 deadline.

ACIL is an insurance and underwriting agency that manages some $102 million of insurance premiums from offices in Perth, Sydney, Melbourne, Brisbane, Auckland and Hamilton, and is unlisted in Austrlaia. It recently acquired Hamilton-based underwriter Classic Car Insurance.

Lombard said shareholders will have the opportunity to buy into the new venture at a price per share equal to the value of existing shares relative to ACIL's final holding.

"We have a lot of work to do to provide Lombard shareholders with the information they need to consider this proposal and every step possible will be taken to ensure that shareholders understand what is proposed and that all shareholders are treated fairly," said Lombard chief executive Michael Reeves in a statement.

Paul is a staff writer for Good Returns based in Wellington.

« Privacy Commissioner warns insurers over medical recordsAsteron product enhancements well-received »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and