AUSTRALIAN PROVINCIAL ASSURANCE ASSOCIATION.

Ashburton Guardian, Volume XLII, Issue 9474, 6 March 1922, Page 5

AUSTRALIAN PROVINCIAL ASSURANCE ASSOCIATION.

A PROSPEROUS CONCERN. ; An item of considerable interest to the insurance world and the public generally is the remarkable expansion of the business of the Australian Provincial Assurance Association. It has increased to such an extent that the directors have found it necessary to purchase for their own use one of the most central buildings in Wellington, known as the National Buildings, : situate at the corner of Grey and Featherston streets, for the purpose of their New Zealand headquarters. The purchase price of the property is approximately £20,000, and the Association will enter into possession at an early date. The Association j s ten years old, and in its ninth year the new business it secured exceeded three million pounds. The financial position of the Association is exceedingly sound. as its assets exceed 1J million pounds, of which £BO,OOO is invested at the present time in New Zealand securities. This amount of £BO,OOO will be augmented by the deposit with the Public Trustee of a further £35,000 to meet the requirements of recent legislation in regard to insurance companies’ deposits, so that, within the next few months, the total assets of the Association in the Dominion will amount to £120,000. The Association is the only Australasian General Insurance Company transacting all classes of insurance—i.e., Life, Fire, Accident, Marine, Employers’ Liability, etc. The management of the New Zealand business will be in the capable hands of Mr T, W. Rapley, who haff been with the Association some years, and has attained very considerable success as manager of the South Island for the Association. He will be assisted in his management by Mr A. J. Hyder, who has had a very considerable experience and success in insurance circles throughout the Dominion of New Zealand for many yearai 3 97