Hellaby invests in life assurance

Hellaby says it has agreed to take an initial 72% cornerstone stake in start-up life assurance company Club Life Holdings.

HBY managing director, David Houldsworth, says after extensive market research and due diligence the company is convinced that the consolidation of the life assurance market over recent years has created a significant opportunity for a new New Zealand-owned, customer focused business.

"In our view, this is an opportunity that Club Life is well positioned to realise."

Mr Houldsworth says Club Life has a management team with a successful track record in the life assurance industry and with a high level of respect and support from the insurance broking community.

Hellaby will provide $4 million of the assurance company's initial capital with Club Life management and associated parties providing the balance.

A further $1million is intended to be raised from supporting insurance brokers and advisers over the next 12 months.

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