Crombie Lockwood Acquires ACM Ahlers

1 of 2 NEWS RELEASE

NEWS RELEASE
April 2, 2012

Crombie Lockwood Acquires ACM Ahlers

Investment completes national distribution with significant presence in the North

Advances Wesfarmers Insurance’s growth strategy

Wesfarmers Insurance today announced that it has signed an agreement for Crombie Lockwood to acquire the business of ACM Insurances Limited, trading as ACM Ahlers. The combination of Crombie Lockwood and ACM Ahlers completes the companys national „footprint and establishes Crombie Lockwood as the leading provider in the industry.

“This transaction confirms our commitment to the New Zealand market, further extends our distribution reach, and continues to strengthen our broking operations across Australia, New Zealand and the United Kingdom; now with a combined 1600 employees and in excess of A$260 million of revenue,” said Rob Scott, Managing Director of Wesfarmers Insurance.

“Crombie Lockwood and ACM Ahlers are a great fit. This acquisition is consistent with our strategy to accelerate growth with a focus on delivering customer value. ACM Ahlers enjoys extensive relationships which strengthen our presence in the north of the country to propel us into a market leading position,” said Carl OShea, the CEO of Crombie Lockwood.

“The ACM Ahlers team has demonstrated an excellent appreciation of the standards and processes demanded by our industrys compliance and regulation regime and we welcome their inclusion into the wider Crombie Lockwood team of professionals.”

“For customers, it reaffirms our focus on serving the needs of our local market. Crombie Lockwood is committed to combining its two operations into a prestigious, scalable business that enhances our delivery and innovative offerings to new and existing clients. We look forward to forging a powerful partnership with the ACM Ahlers team.”

Editors notes:

About Wesfarmers Insurance Wesfarmers Insurance has been part of the Wesfarmers group since 1919. Over the years we've grown into the 5th largest insurer in Australia and 3rd largest insurer in New Zealand. With headquarters in Sydney, we are represented in 120 locations in Australia, 35 in New Zealand and five in the United Kingdom. Our insurance underwriting businesses include: Lumley in Australia and New Zealand and WFI in Australia. Our insurance broking businesses include: OAMPS in Australia and the United Kingdom and Crombie Lockwood in New Zealand. Wesfarmers Insurance has over 3,600 employees.
About Crombie Lockwood

Crombie Lockwood was established in 1978 and has grown to become New Zealands largest insurance broker, operating in 23 sites across NZ with headquarters in Auckland.

Crombie Lockwood is part of Wesfarmers Limited, one of Australias largest listed and diverse companies and forms part of their international Broking division that includes OAMPs in both Australia and the UK.

About ACM Insurances Limited Founded in 1999, ACM Insurances, trading as ACM Ahlers is a New Zealand-owned insurance broking company providing risk related services and placing insurance covers for commercial and residential clients through ten offices throughout New Zealand.

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