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

 

FMG & Australian Unity to join forces

Wednesday, 12 April 2006

FMG & Australian Unity to join forces

New Zealand rural insurer FMG announced today the formation of a new Australian based joint venture with Australian Unity.

The joint venture is subject to regulatory approval and due diligence and is likely to be operational by July.

Australian Unity will underwrite the farm, commercial, domestic and other products currently underwritten by FMG Insurance in Australia. Australian Unity focuses on commercial insurance for small to medium sized businesses and domestic insurance throughout Australia.

FMG ‘s Australian operation will change from being an underwriter to an underwriting agency and will continue to build and service the excellent distribution network it has already developed in regional Australia. The FMG and Australian Unity Groups will be equal shareholders in the Underwriting Agency.

“The proposed joint venture supports FMG’s strategy to concentrate on the sales and service of insurance products to regional Australia”, said Gordon Smith, Chief Executive at FMG.

“The joint venture allows us to maintain a strong presence in Australia at the same time as returning capital to New Zealand. Our Australian business has achieved significant growth in recent years and this will be further strengthened with the benefits that our relationship with Australian Unity can provide” he said.

“For some time now we have been investing in our operational capabilities to position ourselves for growth within the Australian market,” said Mr Warren Lockett, Group Executive General Insurance at Australian Unity.

“We are delighted with this joint venture opportunity” he said.

“We do not expect changes to staffing or structure at FMG in Australia ” said Gordon Smith.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

What Lies Beneath: Is The Housing Market Turning?
Rising interest rates, combined with further tightening of credit availability appear to be dampening the enthusiasm of investors and first home buyers. While house values continue to rise, what lies beneath QV's latest figures is growing evidence that price pressure has shifted... More>>



R&NTU: KiwiRail strike notices withdrawn following new offer

Strike notices on KiwiRail have been withdrawn. Rail and Maritime Transport Union General Secretary Wayne Butson says following negotiations between the RMTU and KiwiRail, a new offer from KiwiRail will be taken back to union members for ratification... More>>



Banking: Stress Tests Show Strengthening Bank Resilience

The latest stress tests carried out by the Reserve Bank of New Zealand – Te Pūtea Matua show strengthening resilience in the banking sector and the benefits of continuing to build capital buffers... More>>



Reserve Bank: Deputy Governor Reflects On Time At RBNZ
Central bankers must continue to look forward to guard against the unpredictable, Deputy Governor Geoff Bascand says in a speech published today. Mr Bascand joined the Reserve Bank of New Zealand – Te Pūtea Matua in 2013 during the aftermath of the Global Financial Crisis... More>>


Xero: Data Reveals ICT Expenditure Key To Small Business Sales Growth
Xero, the global small business platform, today released a new report which shows New Zealand small business ICT expenditure has increased 25 percent compared to pre-pandemic levels - more than the UK (20%) and Australia... More>>


Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>


Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>