Wesfarmers Insurance’s NZ broking subsidiary Crombie Lockwood is acquiring Christchurch-based broker Fraser Macandrew Ryan.

Wesfarmers Insurance MD Rob Scott told insuranceNEWS.com.au Fraser Macandrew Ryan, known as FMR Risk, will bring specialist expertise in corporate broking and corporate risk consultancy to Crombie Lockwood.

“This transaction confirms our commitment to the New Zealand market and further strengthens our broking operations across Australia, New Zealand and the United Kingdom; now with a combined 1400 employees and in excess of $220 million of revenue,” he said.

“The acquisition will also enhance our return on capital from the first year.”

FMR employs 100 people and has offices around NZ from where it has continued operations since the Christchurch earthquake. The company’s CEO, Paul Meehan, will join the Crombie Lockwood board.

Wesfarmers expects to complete the acquisition next month.