tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

Insurance

rss
Latest Headlines

Ballantyne hopeful of OIO nod 'soon'

Partners Life boss Naomi Ballantyne says it’s still too early to get into any detail about what the company plans to do with a looming $200 million capital injection.

Tuesday, August 2nd 2016, 9:00AM

by Susan Edmunds

Naomi Ballantyne

US private equity player Blackstone is investing the money with Partners, which wants to grow market share. The deal will give it almost 49 per cent of the insurance company.

Ballantyne said she was expecting Overseas Investment Office approval within the next couple of months.

Until that time, she would not be able to disclose the extent of the company’s plans, she said.

There was a risk that divulging them could give competitors the chance to get a jump on Partners Life, she said, or to have other unintended consequences.

“Some of the things we plan to do are pretty exciting for advisers. We don’t want them to start banking their applications in advance, for example.”

Ballantyne said she was not expecting to encounter any problems in the OIO process. “We certainly are hopeful that it will be through in the relatively near future. As soon as we have regulatory approval we will be out there because the money will be in.”

The Blackstone deal would give it “liquidation preference shares”, which mean that it will be first in line to recover its $200m plus an amount equal to a 5% per year return, if an “exit event” occurred.

If the company lists, as Ballantyne has indicated is a near-term goal, the shares become a standard equity investment.

Tags: Partners Life

« Kiwi company attracts $200 million global investmentInsurance site set for launch »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

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.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

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 eyelovedesign.com
x