Lumley Insurance Announces New Corporate Solutions

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Lumley Insurance has today announced plans to strengthen their offering of insurance products and risk management services to leading ASX-listed, private and Government organisations. A new “Corporate Solutions” business unit will be established to help general insurance brokers meet the specialised needs of Australia’s large corporations. Lumley Insurance plans to launch the new services in the second quarter of 2010.

Lumley Insurance is a wholly owned subsidiary of the Wesfarmers group, one of the largest listed companies in Australia with revenues over $50 billion and a market capitalisation around $30 billion. Lumley Insurance has an S&P A- credit rating and has operated in Australia for over 60 years. Lumley Insurance and other Wesfarmers’ insurance businesses write premium in excess of $1.3 billion in Australia and New Zealand. Lumleys products include Landlords Insurance, Car Insurance, Business Insurance, and Public Liability Insurance

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“The move came after a strategic review of growth opportunities for Lumley Insurance.

Feedback from brokers indicates that they are keen for us to play a more meaningful role in

meeting the insurance needs of Australia’s large corporations.” said Vivek Bhatia, CEO Lumley Insurance.

“Extending our ability to service the large corporate market makes good sense for Lumley Insurance. By strengthening our capabilities in Corporate Solutions we can provide general insurance services to companies of all sizes and complexity. This is consistent with our aim to be the intermediary insurance specialist.” said Mr Bhatia.

“Lumley Insurance carefully canvassed options for creating the Corporate Solutions business unit, and we have put in place a team of experienced and skilled people.” said Mr Bhatia.

Rob Funnell has been appointed to head the Corporate Solutions team, reporting to John Nagle, Chief Operating Officer, Lumley Insurance. Rob was previously Executive Manager Global & Risk Managed at Vero and will start with Lumley Insurance next March. Thomas Easo and Jason Henry (formerly from Vero) will lead the Corporate Property and Casualty underwriting teams respectively. A number of additional people with specialist experience will join the Corporate Solutions team over the coming months.

“We are pleased to have strong support from our business partners, and have secured the appropriate capacity required to effectively service this market.” said Mr Nagle.

“We are in the final stages of developing a strong value-based offering that is backed by the services of a highly capable team. The Corporate Solutions team will also draw on our existing expertise in Property and Casualty, where we already have strong product teams”

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