Partners Life gets new Shareholder
Partners Life has confirmed a $200 million investment commitment from funds managed by Blackstone Group
The New York-headquartered Blackstone is listed on the New York Stock Exchange and is one of the world’s largest asset managers with more than $500 billion (US$344 billion) in assets under management.
Its substantial capital investment in Partners Life equates to a significant minority shareholding in the company, and follows Blackstone’s recent purchase of five New Zealand retirement villages. The investment in Partners Life is subject to shareholder and regulatory approvals.
Partners Life is New Zealand’s newest life and health insurer, and has rapidly become one of its most successful. Since its launch in April 2011 the company has attracted close to 130,000 customers and has received numerous awards and accolades for its fresh, innovative approach to delivering customer value.
Of the investment from the Blackstone, Naomi Ballantyne, Managing Director of Partners Life says, “We have experienced rapid growth since inception and have completed a number of successful capital raisings to support that growth. Partnering with Blackstone at this stage of our evolution means Partners medium term capital requirements will be satisfied, without further need to go back to equity markets. The $200 million is all new capital, meaning existing shareholders will remain coinvested alongside Blackstone.
"We intend to go for a public listing when market conditions are right, and the support of Blackstone up to and throughout a future listing process will allow the company to solidify its market leading position in New Zealand.
"The best possible endorsement of our business is to have a worldleading organisation like Blackstone join us in achieving our goals, which can now become significantly more ambitious thanks to this substantial investment.
"We are proud of the company Partners Life has become with the ongoing support of our existing shareholders. We have disrupted the New Zealand life insurance market to the benefit of advisers and their customers, and we plan to continue to revolutionise the industry. We are excited about our future in partnership with Blackstone.”
“We are delighted to announce our investment in Partners Life, an innovative player in the insurance sector. Through our engagement with the Company, we have been impressed with the growth achieved by Partners Life as well as the quality of its management team and customer centric approach," said Kishore Moorjani, Senior Managing Director at Blackstone. “Given Blackstone's experience in the insurance sector, we look forward to supporting the Company in achieving its strategic objectives and maximising value for all shareholders.”