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Over $18 Million Raised In Institutional Placement
Over $18 Million Raised In Institutional Placement
A $6.25 million investment by Waterman Capital has concluded a significantly oversubscribed institutional placement for New Zealand’s fastest growing life insurer, Partners Life. A total of $18.15 million has been raised to support the continuing growth of the company.
“This is a tremendous New Zealand growth story and one that we are privileged and excited to be part of,” said Lance Jenkins, Executive Director of Waterman Capital. “Partners is an innovative company with a management team that has a very successful track record. This was the team that founded and built Sovereign Insurance, which is now the largest life insurer in New Zealand. We believe this team can recreate that magic again.
“This is a true home-grown success story. In less than three years the Partners’ leadership team have driven the company from start-up to a substantial business employing over 120 people. They’ve achieved that by having a strong focus on providing great products at competitive prices to the New Zealand consumer. They are building a business to last.”
Waterman joins Partners’ other strategic local and international cornerstone equity investors which include Maui Capital and Rangatira Limited.
Naomi Ballantyne, Managing Director of Partners Life said the level of interest in the company from investors such as Waterman is an affirmation of Partners’ business model and achievements.
“We are very excited about what Waterman Capital can bring to the table.”
Sam Knowles, Chairman of Partners, said Lance Jenkins will join the Partners Board.
“Lance’s experience in financial markets will be an asset to the Board as Partners moves towards its strategic goal of listing in the medium term.”
Since its launch in 2011, Partners Life has won strong support from independent advisers, and is now in the top three life insurers for new annual premium income. Partners recently announced retrocession arrangements with global reinsurers Berkshire Hathaway and PartnerRE who joined SCOR Life SE, Partners’ primary reinsurer.
ENDS
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