Crombie Lockwood to buy FMR Risk
Wesfarmers Insurance has signed an agreement for Crombie Lockwood to buy FMR Risk for an undisclosed sum.
Wesfarmers Insurance has signed an agreement for Crombie Lockwood to buy the business of Fraser MacAndrew Ryan (FMR Risk) for an undisclosed sum.
“This transaction confirms our commitment to the New Zealand market and further strengthens our broking operations across Australia, New Zealand and the United Kingdom; now with a combined 1400 employees and in excess of A$220 million of revenue. The acquisition will also enhance our return on capital from the first year,” said Rob Scott, managing director of Wesfarmers Insurance.
"Crombie Lockwood and FMR Risk are a great fit. This acquisition is consistent with our strategy to accelerate growth with a focus on delivering customer value. FMR Risk has extensive relationships and specialist services that build on our current capabilities and propels us into a market leading position,” said Carl O’Shea, Crombie Lockwood chief executive.
Paul Meehan, chief executive of FMR, has been invited to join the Board of Crombie Lockwood. The transaction is expected to complete in April 2011.
NBR staff
Mon, 28 Mar 2011
Mon, 28 Mar 2011
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Crombie Lockwood to buy FMR Risk
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