Insurance broker expands on new site

Crombie Lockwood are continuing to move up in the insurance world. Photo / Warren Buckland

While its head office is now in Auckland, the Napier branch of what has become the country's largest insurance broker has not been left behind.

Crombie Lockwood was founded in Napier in 1978 by Colin Crombie and Peter Stephens, who opened Crombie Stephens and Associates.

The current chairman Steve Lockwood joined and opened an office in Palmerston North.

An office was opened in New Plymouth in 1985 and for the next five years a new branch was opened every year in a new centre.

Fourteen acquisitions fuelled growth along with a relationship with the National Bank from 2002.

Co-founder Colin Crombie no longer has an active interest in the company, which is owned by Australian company Wesfarmers Insurance.

Napier branch director Martin Lines said while being part of the biggest brokerage in the country brought in work, so too did hard work from its expanding staff - now numbering 23 from a national total of 700.

The branch has just completed a move to new offices in Ahuriri. "We had outgrown the floor plan and we wanted to modernise because of our new systems," he said.

"Also we had additional staff that we wanted to keep together and the old office was getting pretty tired."

He said the company wasn't seeking to join the Napier CBD exodus to Ahuriri. "It was purely because it was available - I wasn't looking to move to Ahuriri. It was just an opportunity with a brand new building that we could take advantage of."

He said the Napier branch was no longer head office because of close links with other insurance companies and a sister company in Australia.

"When Colin stepped back as CEO the mantle was taken up by Steve Lockwood of Palmerston North. He then moved to Auckland to really kick our Auckland office off."

He said the company's main work was with medium to large clients but residential insurance was also important to the company.

There had been major change in the industry following the Christchurch earthquakes, he said.

"There are new policy restrictions since the Canterbury earthquake - more information that the insurers are requiring.

"On the residential side we have moved to sum-insured policies as opposed to the replacement covers."

He said most clients realised the reality behind the changes. "They are certainly not jumping out of their skins saying thank you for the increase, but there is certainly an acceptance that there has been a massive claim down there and that rates have risen as a result - a reluctant acceptance."