Sovereign And Colonial To Integrate

Sovereign And Colonial To Integrate Under The Sovereign Brand Name

The new insurance company created by the merger of Sovereign Limited and Colonial will operate under the Sovereign brand name. This is the brand name favoured by distributors and consumers in the New Zealand marketplace following an extensive market research project.

Plans to phase out the Colonial brand name in New Zealand are being prepared and the change will be implemented gradually over the next few months.

The new Sovereign is New Zealand’s largest life insurance company with an annual premium income of $460 million, and the second largest fund manager with funds under management of $2.2 billion.

“The ‘new’ Sovereign will incorporate the best elements of both Colonial and the ‘old’ Sovereign,” says Ian Hendry, who is the Group Managing Director for the new organisation. “Obviously, there will be some sadness that a well known and respected brand like Colonial will disappear from the New Zealand marketplace”.

“But the new organisation will respect the culture and traditions of both companies, who share a proud history of achievement in New Zealand,” says Mr Hendry.
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SOVEREIGN AND COLONIAL TO INTEGRATE UNDER SOVEREIGN BRAND NAME
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Joining Ian Hendry as Group Managing Director and Chris Coon as Executive Deputy Chairman, are the following senior executive appointments;
Paul Bravo Director Mortgages
Richard Coon Director Finance
David Haak Director Distribution
Geer Iseke Director Business Integration
Catherine Macfarlane Director HR
Julie Powell Director Operations
Barrie Warne Director IT

Each of these senior executives previously held senior positions within Sovereign or Colonial.

Under this structure, the Colonial functions of Corporate Markets and Distribution Support will form part of the Distribution division. Marketing will continue as a separate operating unit reporting directly to the Group Managing Director.

Ends

For more information contact:
Vena Crawley: (09) 488 5266, mobile 021 829492

Issued by Network Communications (Peter Hallwright) (09)379 3154

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