Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Lumley Fills Potential Indemnity Insurance Void

Lumley Insurance Fills Potential Indemnity Insurance Void

Statement made by Rieny Marck, Managing Director,
Lumley General Insurance ( NZ ) Limited

The prospect of New Zealand businesspeople, professionals and trustees losing access to a key source of indemnity insurance has been averted by Lumley General Insurance purchasing the business of USA based, St Paul’s insurance.

In purchasing the business, Lumley has acquired business with a premium income of more than $5 million and a staff of six.

The decision made by St Paul’s in December to withdraw from the New Zealand market after 18 months of operation had the potential to limit the liability insurance options available in New Zealand.

There is a growing demand for indemnity insurance in New Zealand among the likes of directors, senior corporate executives, trustees and professionals such as accountants, especially as legislation and regulations place even tougher fiduciary responsibilities on decision makers.

Without access to personal liability insurance many in these positions would question the wisdom of taking on the responsibilities they do as they face the potential of personal ruin.

In addition to administering St Paul’s existing claims, Lumley will set up a new division specialising in legal indemnity insurance products and the development of comprehensive liability management programmes of relevance to the New Zealand market. These services and products will be sold through independent broker advisers.

The retention of the services of Gary Thomas and Dean Edwards, the former senior executives of St Paul’s operations in New Zealand, will give us the expertise and experience on which to base our operations.

Lumley is New Zealand’s sixth largest non life underwriting company. It has

- operated in New Zealand for some 80 years.

- gross written premium levels of $170 million and at 30 June 2001 has assets of $174 million.

- an “A financial strength” rating from Standard & Poors.


The company is a wholly owned subsidiary of Edward Lumley Holdings Limited of the United Kingdom.

Issued on behalf of Lumley Insurance by
Dennis Lynch, Network Communications

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news