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NZ expansion an 'obvious evolution' for Lockton

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Brokerage Lockton Companies Australia says its expansion into New Zealand is an “obvious evolution” of the business as its local CEO establishes operations outside Australia for the first time.

Lockton will open an Auckland office in September after luring a senior team of nine from Willis Towers Watson to kickstart the Kiwi drive, with offices in Christchurch, Wellington and Dunedin on the cards and related pacific business in Fiji, the Solomon Islands and the Cook Islands catered for.

CEO Paul Marsden told insuranceNEWS.com.au the Willis team brings capability in corporate, employee benefits, alternative risk transfer, claims, energy and construction.

As many as 40 New Zealand-based staff may be hired in the next three years, he says.

“For Lockton Australia, it’s our first overseas expansion, the first time we have expanded into a new country,” Mr Marsden said. “We intend to invest quite heavily in talent.”

The new Lockton Companies NZ Limited Partnership adds to Lockton’s presence in Sydney, Melbourne, Brisbane, Perth and Hobart.

Mr Marsden says Lockton is a corporate broker and will focus its efforts “around those industries that fit in that landscape and where we have the capabilities and expertise here or in New Zealand to together build that out”.

US parent Lockton says it is the largest privately held, independent insurance broker in the world. Its 8000-plus professionals provide more than 60,000 clients with risk management, insurance and employee benefit services.