Dorchester boosts insurance biz

By Phil Boeyen, ShareChat Business News Editor

Monday 25th June 2001

Financial services company Dorchester Pacific (NZSE: DPC) is expanding its life insurance and superannuation base.

Chairman Murray Radford says the company has agreed to buy the Save & Invest group for around $2.8 million.

Mr Radford says the financial planning and personal savings group, comprising Save & Invest Limited and Super Bonds Limited, has total assets of approximately $28 million.

MD Brent King says the company has been looking at ways to increase its life insurance and superannuation business since it purchased Wellington-based Invincible Life 18 months ago for around $3.8 million.

"Hence we were very pleased to be offered the opportunity to purchase Save & Invest Ltd as we believe the two businesses have significant synergies. Save & Invest offers a savings plan and various superannuation products which are complementary to Invincible Life."

The company says although there will be some rationalisation between the two business no redundancies are expected.

"The acquisition allows us the opportunity to build on the infrastructure that Save & Invest has developed at its head office in Takapuna and its agent network around New Zealand."

Dorchester Pacific has interests in a variety of financial services including finance, sharebroking, life assurance, investment advisory and publishing.

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