Level 11, 191 Queen Street
1010 Auckland, nz
Bancorp increases majority in insurance broker Boston Marks
By providing access to over 5,000 customers in more than 30 countries, Boston Marks' international positioning as an insurance broker opens up significant cross-selling potential in the areas of aircraft financing and insurance and brokerage of aircraft insurance in Bancorp's Aviation division. In addition, its specific aviation expertise and strong market position allow for attractive, customised insurance solutions, resulting in competitive advantages particularly in aviation financing by Bancorp. Boston Marks therefore acts as a growth driver and a core element of the expansion strategy embarked on. In this context, the company anticipates a significant expansion of its market position in the field of aviation.
As a result of the increase in the equity interest in Boston Marks to 40%, the company will be included in the scope of consolidation of the Bancorp Group. Boston Marks generated gross written premiums totaling approximately USD 200 million in the 2012/2013 financial year.
With 13 subsidiaries and equity investments, the Bancorp Group operates in two business areas. In its Private Banking division, the Bancorp Group offers an extensive portfolio of banking products, services and investment opportunities in New Zealand. In its second division, Aviation, it holds equity investments in the field of aviation financing, insurance brokers and aviation-related companies. The equity investment in Boston Marks Holdings Limited (Boston Marks), the world's leading independent specialist in the brokerage of aircraft insurance, plays a key role in this area.
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