New Zealand’s General Capital is acquiring Waikato-based insurance premium funding business Bridges Financial Services under a deal expected to close at the end of next week.

The acquisition is being completed through the listed business’ subsidiary General Finance. 

Bridges Financial Services has a premium funding referral agreement with sister company Bridges Insurance Services, a brokerage started by Ron Bridges in 1990 that was recently purchased by Howden.

“We look forward to working with Mr Bridges and his team,” General Finance chairman Don Hattaway said. “We are pleased that founder Ron Bridges will retain his role for the next three years, giving General Finance the benefit of Howden’s global skill and experience, combined with Mr Bridges’ local knowledge and reputation.”

General Finance MD Brent King says the business has had a strong past five years and expects the growth to continue.

“Adding another lending product will allow us to widen our client base,” he said.

“We believe this business, with its low overheads, strong cash flows and significant growth opportunities, to be very attractive to the group.”