Broking and underwriting agency Australian Consolidated Insurance Ltd (ACIL) has succeeded in its plan to “reverse list” on the New Zealand Stock Exchange through the shell of collapsed financial services firm Lombard Group.

The reverse takeover offer closed last week with Lombard gaining acceptances for more than 95% of ACIL shares.

The firm will now make a compulsory acquisition of the remainder of the 42.8 million ACIL shares.

Under the terms of the takeover, Lombard offered 1.48 billion new shares in the entity, or 34.6 Lombard shares per ACIL share.

ACIL has proposed to rebrand the entity as Insured Group, and has moved the place of incorporation to Australia from NZ.

Lombard is the parent of Lombard Finance and Investments, which went into receivership in 2008 owing $NZ127 million ($99 million) to about 4400 investors.

ACIL Chairman and MD Wayne Miller did not respond to calls from insuranceNEWS.com.au.