AMP GID to remain standalone business under Suncorp
Suncorp has announced that the recently-acquired AMP General Insurance Distribution (AMP GID) business has been established as a standalone subsidiary of Suncorp.
The new managing director of AMP GID is Gerard McDermott, previously Suncorp Commercial Insurance's executive general manager, direct distribution, administration and servicing.
Brian Fulmer, the previous managing director of AMP GID, will remain on the board and has been appointed executive adviser AMP GID.
"This acquisition gives us the opportunity to become the recognised leader in the authorised representative segment," said Suncorp's Commercial Insurance chief executive Anthony Day.
"The authorised representative proposition can become market leading and achieve a strong growth trajectory. This business will enable us to more effectively grow our general insurance market and meet the needs of the agency channel."
McDermott said that under the new structure, by operating at arm's length from the insurance operations, AMP GID's ability to continue accessing products that are not offered by the Suncorp Group (such as CGU and NTI) is greatly enhanced.
The business will service a network of approximately 700 authorised representatives dedicated to selling general insurance products underwritten by GIO and other authorised insurers, according to Suncorp. The AMP brand will be withdrawn from January 2013 for new business and a new brand established, Suncorp stated.
Money Management Top Stories
2011 Top Five - Ones to Watch: All eyes on FOFA
2011 Top Five - Failures: Industry super funds' research crumbles under scrutiny
2011 Top Five - Winners: Industry super funds KO financial planners
2011 Top Five - Policy Issues: Resource tax clears path to SG increase
2011 Top Five - Acquisitions: Consolidation continues to reshape financial services
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
