Suncorp sees big opportunities in AMP deal

Email Print

30 January 2012

Suncorp will build a new stand-alone brand and develop alternative sales channel approaches through its newly acquired AMP General Insurance Distribution (AMP GID) business.

The December acquisition has seen 700 authorised representatives (ARs) and 37 administration staff move across following finalisation of the deal on January 1.

AMP has agreed to allow Suncorp to use its name until January 1 next year, by which time a new brand will have been developed.

Former Suncorp EGM Direct Distribution Administration and Servicing Gerard McDermott has been appointed MD of the business, while former AMP General Insurance MD Brian Fulmer has been retained as an executive adviser.

Mr Fulmer will also serve on the AMP GID board, which is chaired by Suncorp Commercial Insurance CEO Anthony Day.

Mr Day says the acquisition will allow Suncorp to become “the recognised leader in the AR segment”.

It also gives Suncorp access to specialised products from companies like CGU and truck specialist NTI. GIO and other authorised insurers will continue to underwrite the business.

Mr McDermott says AMP GID will “operate at arm’s length” from the other commercial insurance operations, and will also continue accessing products that are not offered by the Suncorp Group, such as CGU and NTI.