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New Zealand-owned financial advisory firm Kepa has entered into a strategic alliance with Papamoa-based Lloyd’s Insurance. Kepa has purchased a 35% stake in the renewal commissions of Lloyd’s.
Lloyd’s Insurance principal Mike Lloyd will continue to operate the firm but the alliance means he is exiting from the business at the end of the financial year 2021. Kepa will then have right of first refusal over the remainder of the renewals book.
“I have enjoyed a long-standing working relationship with Kepa and over that time have built trust and confidence in the ideals and values that Kepa stands for,” Lloyd said. “This agreement will allow me to transition from the business and – over the longer term – hand my clients to an organisation I trust.”
“Mike and Lloyd’s Insurance enjoy a strong reputation in the Bay of Plenty and the Waikato for helping individuals and businesses manage risk,” Kepa chief executive Brendon Neal noted. “Kepa will help Lloyd’s Insurance build on this legacy by facilitating a succession plan for Mike, while still allowing the company to continue to service the strong demand it enjoys in the region.”
The alliance with Lloyd’s Insurance is the third in a programme of partnerships between Kepa and its members, following on partnerships with Mortgage Lab and Financial Design Group. Kepa is looking to further develop alliances with other advisory practices in the coming months, Neal added.
