AMP GID to remain standalone business under Suncorp

insurance/mergers-and-acquisitions/industry-super-funds/executive-general-manager/chief-executive/

9 January 2012
| By Chris Kennedy |
image
image
expand image

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 The AMP brand will be withdrawn from January 2013 for new business and a new brand established, Suncorp stated.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

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS