Third-party claims administrator Gallagher Bassett New Zealand has completed its acquisition of Stream subsidiary Symetri for at least $NZ7 million ($6.47 million).

MD Craig Furness says adding the claims service provider will strengthen Gallagher Bassett’s offer to the New Zealand market.

“We see this as a great opportunity,” he said. “[Our] expertise in policy administration and claims management is well known in New Zealand.

“With Symetri’s proven systems in property, motor and marine claims and loss adjusting, we can provide our clients with an enhanced claims service.”

The sale is part of Stream’s drive to clear debts, including putting its Australian unit into voluntary administration and selling the loss-making UK business and the Censeo engineering consultancy.

Stream will retain Symetri Technology, which owns the proprietary intellectual property used in the Symetri claims management business.