tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 29th, 6:58PM

Insurance

rss
Latest Headlines

Lumley Life sold - finally

A South African firm has come through as the new owner of the life insurance business of Lumley Life in Australia and New Zealand.

Friday, October 10th 2003, 1:23AM
A South African based life insurance company is to buy the Australasian Lumley Life business for A$83.75 million.

Capital Alliance Holdings Australia (CAHA) confirmed the deal this week and says it will merge Lumley Life with its other Australian life business, CAHA subsidiary PrefSure Life, in a bid to “yield cost reductions, create increased profit and embed value”.

The deal allows Wesfarmers to complete its acquisition of Edward Lumley Holdings general insurance operations in Australia and New Zealand. Originally Wesfarmers said it was buying all Lumley Life but later said it would sell the life business as it was “more interested in the short-tail businesses rather than the longer-tail business, which involves taking on a greater level of liability”.

CAHA will fund the acquisition via a A$56 million rights issue, A$9 million sourced from its parent and the balance of around A$20 million from its internal cash resources.

This funding will raise Capital Alliance’s interest in CAHA from 39% to 67%.

Earlier story Lumley Life for sale - again

« INGsurance coming...soonUnderstanding the insurance market »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Apex Advice buys life business
Auckland-based Apex Advice has acquired a well-established insurance advice business.

Chubb's latest champion
Young maths prodigy takes out actuarial award.

New book: Unlocking group insurance
Christchurch adviser Corey Williams has released a new book helping advisers and employers put group insurance schemes in place.

Insurer gets warning from RBNZ
Geneva Finance's insurance subsidiary Quest Insurance been given a warning from the prudential regulator.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x