Insurance News .com.au has reported that “Broking and underwriting agency Australian Consolidated Insurance Ltd (ACIL) has succeeded in its plan to “reverse list” on the New Zealand Stock Exchange through the shell of collapsed financial services firm Lombard Group.”
ACIL has proposed to rebrand the entity as Insured Group, and has moved the place of incorporation to Australia from NZ. Lombard is the parent of Lombard Finance and Investments, which went into receivership in 2008 owing $NZ127 million ($99 million) to about 4400 investors. News sourced from Insurance News .com.au.
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