Wesfarmers expands NZ insurance operations
Insurance broker Crombie Lockwood has agreed a deal to acquire Christchurch-based Fraser Macandrew Ryan (FMR Risk), part of the Wesfarmers subsidiary’s plans to become the leading insurance brokerage in New Zealand.
Monday, March 28th 2011, 4:56PM
by Benn Bathgate
"Crombie Lockwood and FMR Risk are a great fit. This acquisition is consistent with our strategy to accelerate growth with a focus on delivering customer value. FMR Risk has extensive relationships and specialist services that build on our current capabilities and propels us into a market leading position," said Crombie Lockwood CEO Carl O'Shea.
"For customers, it reaffirms our focus on serving the needs of our local market. Crombie Lockwood is committed to combining the two operations into a prestigious, scalable business that enhances our delivery and innovative offerings to new and existing clients. We look forward to forging a powerful partnership with the FMR Risk team."
Wesfarmers Insurance managing director Rob Scott said the acquisition was a sign of the companies commitment to the New Zealand market.
He said the deal, "further strengthens our broking operations across Australia, New Zealand and the United Kingdom, now with a combined 1,400 employees and in excess of A$220 million of revenue."
FMR Risk is New Zealand's largest locally-owned broker, transacting premiums of more than $100 million a year, and CEO Paul Meehan has been invited to join the board of Crombie Lockwood.
As well as Crombie Lockwood, Wesfarmers other New Zealand insurance assets include Lumley General Insurance NZ
Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz
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