New Zealand rural insurer FMG has purchased equine and livestock insurer Quadrant Insurance Group.

FMG CEO Chris Black says in a media release that Quadrant is a “strong strategic fit” and that the two companies have worked together in the past.

“This acquisition will make it easier for our clients to obtain advice and insurance to address all their business, personal and lifestyle-related risks in one go through FMG, who now have everything under one roof,” he said.

“There are natural synergies between the two companies that make acquiring their specialist portfolio an ideal investment as part of a broader growth strategy.”

Quadrant MD Mike Parkinson will join FMG under a two-year contract to assist the transition and further develop the product portfolio.

Mr Parkinson told insuranceNEWS.com.au today that his company has been involved with FMG for some years, and “it’s been a gradual coming-together” since he developed a new product for the insurer last year.

“It seems appropriate that we both benefit by merging,” he said.