Broker acquisition boosts southern presence

Broker acquisition boosts southern presence | Insurance Business

Broker acquisition boosts southern presence
Crombie Lockwood has acquired South Island brokerage Reid Manson Ltd, the company announced today.

The addition of Reid Manson’s Timaru and Ashburton offices now takes the total of Crombie Lockwood’s South Island locations to nine.

The announcement comes on the heels of Crombie Lockwood’s long-term tenancy in the new central city Price Waterhouse Centre, announced last month.

Crombie Lockwood CEO Carl O’Shea said the South Island had always been important to the company.

“We have a well-established business base here and the inclusion of David Reid’s team and their operations enhances this position.”

He added: “Reid Manson has a justifiably strong reputation in its two key markets and we are delighted that their team members are remaining with us to maintain the high level of service their clients currently enjoy.”

David Reid, who founded the business in 1985, also expressed his positive expectations for the new arrangement.

“We have always prided ourselves on bringing the best the market has to offer to our regional clients.

“I am confident as part of the Crombie Lockwood organisation our capability will be greatly improved including access to global expertise through the Arthur J Gallagher parentage.

“It really is a win-win situation; our clients will continue to deal with the same people but with many more resources at their disposal. It is also a significant commercial commitment to our region,” Reid said.

The acquisition is effective 1 November 2015.

Terms of the transaction were not disclosed.