Local broker secures international investment

Local broker secures international investment | Insurance Business New Zealand

Local broker secures international investment
Steadfast Group has taken a strategic shareholding in Abbott Group, the Christchurch-based commercial insurance brokerage has announced today.

The investment signals a high level of investor confidence in the Abbott Group, general manager Mark Reid said, and will enable the Abbott broker principals to focus exclusively on client servicing and growing the business nationwide.

In the deal, which was finalised on 1 July, Steadfast takes a 45% stake, with existing shareholders retaining an interest in the business.

Steadfast describes itself as the largest general insurance broker network in Australasia with an annual premium pool in excess of AU$6 billion (FY15) and more than 1,000 broker offices throughout Australia, New Zealand and Singapore.

Reid said the investment was testament to the quality of the Abbott team.

“We know we’ve got a proven business model and the right team to take it forward, and now we have the investment partners to make it happen.”

The Abbott group of companies provides risk management and selected financial services to commercial and personal clients throughout New Zealand.

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