Sharechat Logo

Wesfarmers Insurance expands in New Zealand

Monday 28th March 2011

Text too small?

Australia's Wesfarmers Insurance is buying Christchurch-based insurance broker Fraser Macandrew Ryan (FMR Risk) in a bid to become the leading insurance brokerage in New Zealand.

Wesfarmers Insurance owns Crombie Lockwood, which said it has signed an agreement to buy FMR Risk. Paul Meehan, the chief executive of FMR Risk has been invited to join the board of Crombie Lockwood. The transaction is expected to be completed next month.

FMR Risk is New Zealand's biggest locally owned broker, transacting premiums in excess of $100 million a year, according to its website. The company referred media queries to Wesfarmers Insurance.

"This transaction confirms our commitment to the New Zealand market," said Rob Scott, the managing director of Wesfarmers Insurance.

Wesfarmers also owns OAMPS Australia, one of Australia's largest insurance brokers and OAMPS UK Group, a specialist broking and consulting business.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report