Insurance Link Gets New Owner
Insurance Link, part of the Link Financial Group, will be majority owned by NZ Home Loans.
Thursday, November 10, 2022 at 9:43 AM
Photo: NZHL CEO Kip Hannah, NZHL Chairman Richard Westlake and LFG CEO Josh Bronkhorst.
NZHL announced this week that it will acquire a majority stake in Link Financial Group for an undisclosed amount. The number of shares held has not been disclosed.
LFG Links LFG Insurance has approximately 85 risk advisors and plans to create $4M to $5M in APIs in the current 12 months. Our sister company Mortgage Link has 140 mortgage advisors.
Mortgage Link and NZHL are about the same size, handling about $3 billion worth of mortgages each year.
LFG also has a small fire and a common arm.
NZ Home Loans is owned by liquidated Kiwi Group Holdings, a government owned company. In the last few months, we sold KiwiWealth to Fisher Funds, Kiwi Insurance to nib, and Hatch to FNZ.
At yesterday’s Link Group meeting, NZHL Chairman Richard Westlake said the LFG is New Zealand’s success story and business growth opportunity.
NZHL was drawn to Advice Link, an LFG CRM developed to help advisors. He also said that LFG is a cultural fit.
NZHL Chief Executive Officer Kip Hanna said the company “looks forward to leveraging LFG’s New Zealand technical expertise, particularly with its proprietary advisory software, Advice Link.”
LFG’s Managing Director, Josh Bronkhorst, will continue to be a shareholder in the business and will continue to run LFG.
“As long as you’re here and I can keep adding value, I’ll be there,” he said.
NZHL CEO Kip Hannah said: “We were drawn to Josh’s leadership.
“Initially, we plan to operate the two businesses completely separately.”
Hanna said NZHL and LFG have different propositions for their customers, but both companies are committed to helping New Zealanders become financially successful.
The fact that LFG remains New Zealand-owned and some of the other mortgage aggregation groups are Australian-owned has received a lot of attention.
Westlake told advisers that it “can ensure that LFG stays in New Zealand’s hands”.
“It will be mostly business as usual for our employees and clients,” Bronkhorst said. says.
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https://www.goodreturns.co.nz/article/976520997/insurance-link-gets-new-owner.html?utm_source=GR&utm_medium=rss&utm_campaign=Insurance+Link+gets+new+owner Insurance Link Gets New Owner