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 1st, 10:39AM

Insurance

rss
Latest Headlines

Lifetime Group gets life business, sells general

The Christchurch-based Lifetime Group has formed a strategic partnership with insurance brokerage Rothbury Group which see each one focus on its core strengths.

Monday, December 19th 2016, 6:00AM

The two groups will work together and Lifetime will focus on life insurance and mortgages and Rothbury will do general insurance.

Under the deal Lifetime has acquired Rothbury’s life and mortgage businesses; Rothbury gets Lifetime’s general business and it has taken a cornerstone shareholding in Lifetime Group.

Rothbury, which is the fourth largest general broker in New Zealand and part of the ASX-listed Steadfast Group, has bought a 19.5% stake in the business valued at $4.5 million.

Lifetime has 63 shareholders made up of its advisers, management and some investors. Under its model advisers can take an ownership stake in the business.

Lifetime Group chief executive Mike Jones says the transaction is part of a 36-month growth plan. Over the past two years the business has been improving its systems and processes and next year it will look to start growing again.

“For a Lifetime shareholder, the merger delivers sustainable dividends, the backing of a large corporate and great potential for capital value growth.”

When the deal is completed Lifetime will increase the number of life advisers from 35 to 45 audit will have annual premium income of between $3 million and $3.5 million annually.

Its mortgage business will have another eight brokers, bringing the total to 19, and it will generate around $400 million in loans a year.

Jones says the transaction will give the Lifetime business better geographic coverage as Rothbury has offices in the North Island which will compliment Lifetime’s South Island bias.

READ ON for more on the Lifetime Group

Tags: Lifetime

« Kiwi company attracts $200 million global investmentRating company gives its view on Sovereign »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

nib launches tool to support women through menopause
nib has launched a new health management programme designed to support women as they navigate the stages of perimenopause and menopause.

Employees are wanting health and life insurance
A new survey shows potential employees what life and health insurance benefits, but less than a third of employers plan to offer such benefits.

Chubb Life makes changes to trauma benefit
Chubb Life has made a series of enhancements to its Assurance Extra and Assurance Extra Business policies, including the addition of a new Continuous Trauma Benefit,

Resolution Life gets new president
Global life insurance group Resolution Life has appointed Moses Ojeisekhoba as its new President.

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