Lombard to establish insurance company

Lombard chief executive Michael Reeves says the establishment of an insurance business is a natural move in line with the company's stated intention to build on its solid base in commercial lending and finance.

"We believe that specialist insurance products for the financial services sector will be a valuable adjunct to our existing finance products, with appeal to both current and future customers," he says.

The insurance business is expected to be running in the next quarter.