Another life company goes

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The new owners of Lumley Life have decided to exit the New Zealand market, contrary to what they told Good Returns earlier this year.

Monday, February 16th 2004, 10:27PM

The new owners of Lumley Life have decided to exit the New Zealand market, contrary to what they told Good Returns earlier this year.

The company was bought by South African operation PrefSure this year. When the deal was done Lumley’s Sydney-based general manager Geoff Black said although Lumley's New Zealand operation is quite small the company plans to stay in New Zealand and keep growing as a specialist life insurance player.

However, PrefSure said in a statement today that it will cease writing new business in the New Zealand life insurance market.

PrefSure Holdings group managing director Russell Howden says the group will focus on its recent acquisition of the Australian business. The company will close its Auckland office and continue to explore opportunities in Australia.

"The decision to exit New Zealand will not affect the existing policyholders and they will continue to receive the same level of service and benefits attached to their policy. We are in discussions with a number of parties who have expressed an interest in acquiring our New Zealand business," Howden said.

Read earlier story here: Lumley to change its name.

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