A shared interest in the thoroughbred and equestrian insurance markets is a driving factor behind the merger of two SA brokers.
From next year, Newmarket and Grand West will operate as Newmarket Grand West, with a plan to offer a more complete service to owners, breeders and competitors across the racing and equestrian industry, according to Newmarket Principal Peter Lewis.
Newmarket has a reputation in thoroughbred insurance broking while Grand West has expertise in the equestrian sphere.
“Both firms have a client base which spans the SME sector – but our combined resources will also allow us to realise the full potential of existing national niche markets where we have demonstrated experience and technical leadership,” Lewis says.
Grand West General Manager Clinton Alcock says the new company sees the opportunity to further assist owner-operated clients with financial risk funding advice and local claims assistance.
“We also hope to further enhance our equestrian offerings,” he adds. “Both markets are crowded, however we are confident that our personalised service makes our offerings stand above the market.”
For now, the new firm has no plans to move out of SA, with the new office to open at 149 Flinders Street on 2 January 2015.
“We are proud of our South Australian Heritage and believe that we can continue to service and grow interstate clients very capably from SA,” Alcock says.
Newmarket Grand West is a member of Steadfast.