NZSB expands

Press, 21 January 1982, Page 16

NZSB expands

PA Hong Kong The New Zealand South British group has expanded its influence in the Asian insurance market by signing an agreement here to manage the Hong Kong-based China Underwriters Life and General Insurance Company, Ltd.

At the same time it forged the second significant link in the past six months between a New Zealand company and the Hong Kong-based conglomerate, Carrian Investments, Ltd. Carrian Investments, which has a controlling interest in China Underwriters, early last August took a 50

per cent interest in a Wellington property developer, Williams Development Holdings, Ltd — since renamed Carrian-Williams Holding, Ltd.

N.Z.S.B. was represented at last night’s ceremony by its general manager (overseas), Mr R. C. Tucker, who described the agreement as a significant step forward for the group in Asia. “Both South British and New Zealand Insurance have

been in Asia for more than 100 years and together operate one of the largest insurance networks in this part of .the world," he said.

“We were invited by Carrian to enter into this management contract and are delighted to be associated with such . a progressive group.”

Carrian obtained its controlling interest in China Underwriters last month in a transaction with Ayala International (Holdings) Company, Ltd, of the Philippines. The arrangement left Ayala with a 65 per cent in-

terest in a Malaysian insurance company previously held by China Underwriters. NZPA understands that since then China underwriters has divested itself of insurance interests in Thailand.

In its pruned form, China Underwriters remains an active general and life insurance firm in Hong Kong and Singapore. The management agreement signed last night will run initially for 10 years. N.Z.S.B. has already appointed its Hong Kong-based development manager, Mr J. A. Butler, as acting manager of China Underwriters.