Experienced insurance figure Carl O’Shea first hit pay dirt when he and Steve Lockwood sold their majority shareholdings in Crombie Lockwood in 2006.
Since then they have continued to lead the business under new ownership, first with Australian conglomerate Wesfarmers and more recently with US company Arthur J Gallagher & Co.
All the while they have been investing in New Zealand property assets, including taking a low-profile but significant role in the development of the former Five Mile subdivision and shopping centre near Queenstown.
O’Shea first got involved in Crombie Lockwood in 1987, when he opened the firm’s Wellington office and became a major shareholder when co-founder Colin Crombie stepped back from the business.
The Wellington office quickly grew to be the country’s largest within a few years as O’Shea embarked on a successful acquisition spree.
He became chief executive in 2009 following the sale to Wesfarmers and in 2013 was named ANZIIF New Zealand Insurance Leader of the Year.
Crombie Lockwood’s present financial position is undisclosed but. when Wesfarmers bought the business back in 2007. it had annual revenues in excess of $50 million and more than 300 staff in 16 offices across New Zealand.
When Arthur Gallagher took ownership in 2014 the US company refused to reveal the acquisition price it paid for Crombie Lockwood.
O’Shea is a quiet family man. who declined to comment on his business success.
He and wife Belinda live in Auckland’s Herne Bay in a home valued at $12.5m. Other family property assets include two Waiheke Island houses worth $4.4m and $7.4m respectively, two other Auckland houses in Ponsonby and Westmere, one in Hawke’s Bay and an apartment in downtown Auckland.
O’Shea’s biggest property asset is in Queenstown where he shares significant investment interests in the former Five Mile development, originally started by failed Christchurch developer Dave Henderson.