Lombard launches online insurance and
mortgage agency: www.maestro.co.nz
The website is a breakthrough in the sale of insurance and home loans in New Zealand
7 June 2007 – Financial services provider Lombard Group Limited (Lombard Group;
NZX: LOM) today launched an online insurance and mortgage facilitation business,
Maestro Commerce Limited.
The website delivers the convenience and transparency of being able to compare and
apply for a wide range of insurance cover and home loans from leading New Zealand
providers in a single location.
Among the providers on board are TOWER, Asteron, FidelityLife and ASB Bank, while
agency agreements with a number of other significant companies are in the final stages
Lombard Group Chief Executive Officer Michael Reeves describes Maestro as a truly
independent, consumer-focused service that will meet the needs of large numbers of
“We believe the time has come for this service. Huge advances in online technology in
recent years now allow powerful web solutions to be developed cost effectively. At the
same time the web is increasingly becoming the hub around which people manage their
daily lives,” Mr Reeves said.
The launch comes a week after Lombard announced it had doubled its after tax annual
profit to $4.86 million and entered into an agreement to acquire Tasman Mortgage
Group, a securitised mortgage arranger and mortgage broking subsidiary of Australian
Stock Exchange-listed Australasian residential investment company Blue Chip Financial
“The Tasman acquisition and now Maestro’s launch underpins Lombard’s strategy of
developing and acquiring businesses that deliver synergies, efficiencies and multiple
revenue streams to the company.
“Tasman’s intellectual capital and strong relationships with the lending community will be
of immediate benefit to Maestro’s mortgage broking business,” Mr Reeves said.
While Maestro currently provides services in the complementary product areas o