FMG names new associate director as profits rebound

FMG names new associate director as profits rebound | Insurance Business New Zealand

Insurance News

FMG names new associate director as profits rebound

Profit of $76.7 million achieved after previous financial year’s record loss

Insurance News

By
Roxanne Libatique

Rural insurer FMG has appointed North Otago’s Jackie Dalziel as an associate director on its board amid the company’s strong financial recovery.

Dalziel (pictured), who co-manages a dairy grazing and cropping operation near Oamaru with her husband, will step into the leadership role to foster leadership within New Zealand’s agri-business sector.

The appointment was confirmed by FMG board chair Sarah von Dadelszen, who highlighted the value of providing members with governance experience.

FMG’s new associate director

Dalziel’s professional background includes directorships at Waitaki Irrigators Collective, Lower Waitaki Irrigation Company, and Dalziel Ag Limited. Her career has also seen her work with Fonterra, Ravensdown, and as a sharemilker. In 2023, she completed the Mayfield Group Co-operative Governance Programme.

“I know Jackie’s contribution as a farmer, an FMG member, and rural professional will provide another lens for the board to look through as we work to provide a better deal for rural New Zealand through FMG’s advice and insurance,” von Dadelszen said.

The associate director role is unpaid and does not include voting rights.

Dalziel will attend her first FMG board meeting on Aug. 22, succeeding Dr Jolene Germann, who served as the inaugural associate director for 18 months.

FMG thanks Dr Jolene Germann’s contributions

The FMG board thanked Germann for her contributions during her tenure.

“We have thoroughly enjoyed and valued the contributions of Jolene during her time on the FMG board. We are sure her capability and enthusiasm will lead her to many great opportunities in the near future,” von Dadelszen said.

FMG CEO Adam Heath added: “I would like to express our special gratitude to Dr Jolene Germann, who has set an exemplary standard as FMG’s inaugural associate director. Jolene has been an invaluable asset to the FMG board, and we wish her the greatest success in her future governance career.”

Heath disclosed an after-tax profit of $76.7 million, a significant improvement from the previous year’s $17.5 million loss, which was largely due to the effects of Cyclone Gabrielle and the Auckland Anniversary Weekend floods.

Heath attributed the positive financial outcome to the absence of major catastrophic events and favourable investment returns. The profit enables FMG to rebuild members’ capital reserves, strengthening the mutual insurer’s capacity to meet future claims.

FMG has now closed 98% of claims related to Cyclone Gabrielle and the Auckland floods, with $295.7 million allocated to supporting rural and provincial communities in their recovery efforts. This data with the Insurance Council of New Zealand’s (ICNZ) confirmation that insurers have settled 112,746 out of 118,037 claims related to the events as of June 1.