AMP GID to remain standalone business under Suncorp
Suncorp has announced that the recently-acquired AMP General Insurance Distribution (AMP GID) business has been established as a standalone subsidiary of Suncorp.
The new managing director of AMP GID is Gerard McDermott, previously Suncorp Commercial Insurance's executive general manager, direct distribution, administration and servicing.
Brian Fulmer, the previous managing director of AMP GID, will remain on the board and has been appointed executive adviser AMP GID.
"This acquisition gives us the opportunity to become the recognised leader in the authorised representative segment," said Suncorp's Commercial Insurance chief executive Anthony Day.
"The authorised representative proposition can become market leading and achieve a strong growth trajectory. This business will enable us to more effectively grow our general insurance market and meet the needs of the agency channel."
McDermott said that under the new structure, by operating at arm's length from the insurance operations, AMP GID's ability to continue accessing products that are not offered by the Suncorp Group (such as CGU and NTI) is greatly enhanced.
The business will service a network of approximately 700 authorised representatives dedicated to selling general insurance products underwritten by GIO and other authorised insurers, according to Suncorp. The AMP brand will be withdrawn from January 2013 for new business and a new brand established, Suncorp stated.
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