FMG News
Australian joint venture finalised for FMG and Australian Unity
Australia’s Federal Court today approved the transfer of FMG’s Australian general insurance portfolio to Australian Unity General Insurance to form the underwriting agency FMG Insurance, in which both companies are equal shareholders.
“The joint venture enables FMG to concentrate on the development, sales and service of insurance products specifically designed for regional Australia, building further on our excellent service model”, said FMG Chief Executive Gordon Smith.
“Australian Unity and FMG share similar business philosophies and will work closely together to add value for policyholders”, he said.
“Our venture with Australian Unity brings two Mutual organisations together in what we are sure will provide a unique and positive experience for all customers.”
In turn, Australian Unity will increase its annual premium income to more than $110 million, as well as expanding its distribution into regional and rural Australia by underwriting the farm, commercial, domestic and other products currently underwritten by FMG in Australia.
Mr Brian Stewart, previously manager of FMG’s Australian operations, has been appointed as general manager of the new joint venture.
“We are delighted that we have the opportunity to continue to build on a successful business with all the existing team in place. Our brokers appreciate the level of service we deliver and many have confirmed their support for the decision by FMG and Australian Unity to establish the new joint venture with no significant changes to personnel, products and services,” Mr Stewart said.
Group Executive of General Insurance at Australian Unity, Mr Warren Lockett, said that while Australian Unity had traditionally focused on commercial insurance for small to medium sized businesses and domestic insurance, the FMG joint venture allowed sensible diversification of risk.
For more information or to speak with Gordon Smith, please contact Jacqui van Roij, FMG Communications Manager, on 027 644 7127 or jacqui.vanroij@fmg.co.nz.
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