Monday 28th March 2011
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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.
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