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, 2:01PM

Insurance

rss
Latest Headlines

Advisers asked to back new life company

The former head of Farmers Mutual Group, Michael Millar, is working on a plan to establish a new life company- with a twist.

Friday, December 12th 2003, 7:40AM
This new company, Arrow Life, will be 100% owned by advisers, he says.

Currently Arrow are tapping advisers on the shoulder asking them to become shareholders by stumping up with $50,000 each.

To get off the ground Arrow needs to sign up 63 advisers. Millar says the company is being formed as there has been a significant decrease in the number of life companies in New Zealand over the past decade, and independent advisers need more choice.

Also the banks have become major players in the life insurance area and tend to want to deal through their own distribution rather than independent financial advisers.

Millar says Arrow differs from other new players, such as Club Life, by being 100%-adviser owned. (Club Life has institutional investor Hellabys as its cornerstone shareholder and it is currently looking for new capital from institutions).

He says the 100% ownership gives advisers influence over the products and services delivered, plus it removes the likelihood that the business will be sold like so many life insurance companies before.

Arrow Life’s chief executive is Paul Bell, who was formerly the general manager retail at Westpac. Advisers involved in the business are Peter Chote from Cameron Chote Financial Services in Wellington and Nelson-based Alan Bradnock of Six Step Financial Services.

« SX gets a clean bill of healthProspects for Australia's life insurance market challenging »

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