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Insurance Holdings (Fiji) Limited has acquired another Fiji insurance firm Connolly Insurance Brokers (CIBL), it has been revealed.
Insurance Holdings CEO Ged McCombie said the acquisition allowed the company to consolidate its broking position in Fiji, ensuring it continued to deliver the wide range of insurance services and expertise.
He said the combined company would trade under the name of Insurance Holdings (Fiji) Ltd and operate out of Insurance Holdings’ Lautoka office.
He added as of February last year, the company had assumed CBIL’s books and took on board its two employees. And with effect from September 5 last year, CIBL had returned its business licence to the Reserve Bank of Fiji.
“We have a significant client base and with this acquisition, it will provide us with a stronger platform to do our business and further develop our customer base and the insurance products and expertise we have,” McCombie told FijiLive.
Insurance Holdings, based in Lautoka since inception in 2006, has also opened its office in Suva and appointed a branch manager.
“This investment will allow us to continue to develop our Suva business profile, strengthen our national offering and enhance the financial strength of the overall company,” McCombie said.
He said Insurance Holdings had also secured a new strategic alliance with Australian Consolidated Insurance Limited (ACIL), with offices throughout Australia and in Auckland, New Zealand.
“ACIL is a diversified insurance and risk management group providing a full range of insurance broking services that will fully support our local broking services.
“This new alliance also provides Insurance Holdings (Fiji) Limited with additional technical expertise in the mining, energy, property and agricultural sectors, together with further global underwriter relationships and new underwriting agencies that will help grow our Fiji operations McCombie said.
He added: “The company is excited by the prospects offered by the growth in our broking resources. This consolidation represents a strengthening of our commitment to Fiji and further confirms Insurance Holdings (Fiji) Limited as a credible broking alternative to the Fiji business community”.
