New Ownership Structure
At the start of 2018, I finally conceded that I was no longer immortal and that I had an obligation to my loyal and valued clients to develop a long term continuation strategy. I commenced in earnest the development of a business succession plan.
I explored several options, from employing a successor, bringing in a younger partner, through to an outright sale. My personal desire was to retain an active involvement within the industry and preferably within the KSL business so that I was able to continue to service my existing clients as I do not intend to retire.
Introducing the Maurice Trapp Group
An outright sale was not my preferred option but was looming as the only option prior to being approached in September by the Maurice Trapp Group, a significant North Island based Insurance Brokerage, who were looking to expand their current South Island operation.
After an appropriate diligence process, I am delighted to advise you that I have sold 70% of my interests in KSL Insurance to the Maurice Trapp Group (Canterbury) Limited. The only change within KSL will be to the shareholding and management at a governance level. The KSL Insurance Limited name and business will continue in every other respect as is. Brian Seque and I will remain as the principal advisors in the new structure. Sharon Empson will continue in her current role as office administrator and external director Jack Radford will remain as a director in the restructured business. Jack has recently retired as Dean of the Accounting Valuation and Economics Department at Lincoln University.
My Ongoing Management Involvement
My one condition of the sell down was that I wanted no management role. I was happy to act as a consultant to the firm but my focus for future involvement will be to work with my existing clients, developing new business and providing Insurance Audits to families and business owners.
Longer term, the enlarged company will be looking to integrate further agents and agencies into the KSL business. From a client perspective this provides long term certainty that you will continue to receive the professional advice and service that you have always obtained from your involvement with KSL over the past 38 years. We will keep you regularly updated as the new structure evolves. We will remain in the existing offices and all other services will remain the same.
My New Role
My new role will allow me to do what I love in my twilight years; being an Insurance Auditor and advise, match and place clients risk management needs with Insurers products that will meet their long term financial and risk management objectives. The earthquake sequence has shown us the “good the bad and the ugly” of Insurance from both a company and a policy perspective. As I have said many times over:
“Everybody owns Insurance but until a claim occurs most do not know what their policy covers, or how their Insurer will perform”
The fine print becomes the reality at claim time. You need to know what that will look like before the claim occurs and how it will impact financially on you and your family.
I have developed a new “Pre-claims Assessment” process. I will be offering clients a ‘no cost, no obligation’ meeting to share my claims audit experience with you and describe what will happen in the event that you, or your spouse or one of your children, or a business partner suffers from a partial and or total and permanent disablement, a trauma event such as a cancer, stroke or heart attack, or is off work through accident or illness and suffers a loss of earnings, or dies. This will be based on the facts you provide from my simple questionnaire that I will send prior to the meeting.
This “Pre-claims Assessment” will identify for you the financial impacts and outcomes from being inappropriately insured.