Legal and regulatory update for the life and health insurance sector
Legal and regulatory review for the life and health insurance sector

UPDATED: SHARE acquires Newpark, and more daily news

Congratulations to SHARE on their acquisition of the Newpark network. Goodreturns reported that SHARE NZ has bought out Darren Gannon - the details below come from their article. Darren called me to explain that the assets of the network have been sold and that the goodreturns story was incomplete. He highlighted the joint release issued by SHARE NZ and himself which can be found, also at goodreturns, via this link

“SHARE has bought Darren Gannon's controlling stake in the insurance and mortgage advice group, TMM Online can exclusively reveal.

The acquisition, which could be announced this week, comes after Newpark sought new financing amid a lack of certainty over its life insurance revenue.

SHARE has pounced on Newpark in a bid to boost its home loan adviser numbers. Since inception, Newpark Home Loans has grown to over 200 advisers.

The combined group is likely to have over 500 advisers across investment, insurance, and mortgage advice.

A new company, Newpark 2020, was listed on the companies register, on November 12, with SHARE NZ listed as its 100% shareholder.

The Newpark brand will remain, sources said. Advisers will have the option of keeping their planned regulatory setup, or taking one of the options available to current SHARE members.

SHARE runs a corporatised offering, in which advisers own a share in the business and pool clients. It also runs a non-branded side, with advisers working under its FAP.

Sources said that despite the change in ownership, it would be "business as usual" for advisers at Newpark, and advisers would be able to keep their current regulatory and ownership structure, and keep their own FAPs.”

Darren Gannon, Adele Gannon, and Murray Weatherston are expected to step down from their roles as board members. Tony Dench is set to be the CEO of the combined group.

“Industry sources said the deal would suit Newpark advisers given SHARE's strong back-office and governance systems.

The takeover will see Darren and Adele Gannon, and Murray Weatherston step down from their board roles at Newpark, as SHARE NZ directors assume the board seats.

SHARE's Tony Dench will be the chief executive of the combined group, while Richard Thomas will become chairman, sources said.” Click here to read more

In other news

Chatswood's view is perhaps best summed up by the fact that we have now created a tag on this blog "SHARE" - because we expect to see more posts referencing them. 

 

Fidelity Life: has been working with reinsurers to enable more customers access to Income Protection products

Fidelity Life: advisers in Te Anau helped raise $12.5k for Fiordland Conservation Trust’s Kids Restore the Kepler. 

Fidelity Life: Fidelity Life will be change to questions about weight changes, criminal convictions and pending medical test results on application forms

Fidelity Life: The second batch of product modules will be available on Learning HQ. they will focus on:

  • Income Protection Cover
  • Monthly Mortgage Repayment Cover
  • Waiver of Premium Cover
  • Retirement Protection Cover
  • Funeral Fund Cover

Fidelity Life: Commission payments for Fidelity Life and ex-Tower:

Fidelity Life and ex-Tower

23 Dec 2020

One run for the week

31 Dec 2020

Month end - one run for the week

Group business

16 Dec 2020

One run for the week

From Goodreturns: Does liability for advice stop when clients are sold?

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