NZ brokerage Crombie Lockwood has rebranded as Gallagher Insurance as conditions in the New Zealand market toughen after record catastrophes. 

The Crombie Lockwood brand has operated in New Zealand for 45 years and has a team of 1000.  

At the start of October, the brokerage took up the name of its global owner Gallagher, which acquired it around a decade ago. It continues to be led by current CEO Carl O’Shea. 

Gallagher Asia Pacific MD Steve Lockwood says the New Zealand insurance market is currently experiencing challenges with capacity, coverage, terms and pricing. 

“We need to look further afield for options and solutions for our clients,” he said. “We can do that better operating under the globally recognised Gallagher brand.” 

Combined losses from this year’s Cyclone Gabrielle and North Island floods are more than $NZ4 billion ($3.7 billion), Swiss catastrophe data firm Perils estimates.  

Gallagher, the third largest broker in the world, operates in more than 130 countries. Chairman, President and CEO Pat Gallagher is the grandson of the company's founder.  

"We have prided ourselves on being change merchants and challengers of convention to achieve better protection, pricing and outcomes for our clients. This brand change is consistent with that approach,” Mr Lockwood said.