Lockton teams up with the Blues to boost risk management
Lockton teams up with the Blues to boost risk management | Insurance Business New Zealand
Insurance News
Lockton teams up with the Blues to boost risk management
Partnership extends into the community
Insurance News
By
Roxanne Libatique
Lockton New Zealand has signed a three-year partnership agreement with the Blues, making it the rugby organisation’s official insurance broker.
The deal, aimed at bolstering risk management and resilience, will see Lockton involved in various aspects of the Blues’ development programs and community initiatives.
Additionally, the brokerage giant will be working with the Blues Charitable Trust, contributing to community-based programs and activities.
Blues CEO Andrew Hore described the partnership as one that goes beyond a typical sponsorship. Specifically, the deal will allow Lockton to share its expertise in risk management, insurance, data, and analytics.
“Our multi-year partnership will leave a legacy as Lockton works with the Blues to share knowledge in risk, insurance, data, analytics, and people, helping to advance the risk management maturity of the wider Blues business community and to help build resilience in the Blues geographical regions,” he said.
Lockton’s partnership with the Blues to drive mutual growth and innovation
Craig Buckle, CEO of Lockton New Zealand, highlighted the potential for both organisations to benefit from the collaboration, including an opportunity to drive mutual growth and innovation.
“Partnering closely with the Blues is an exciting opportunity for us to drive growth and innovation for both organisations over the next three years,” he said.
He noted that although Lockton has been established globally since 1966, its presence in New Zealand is still relatively new, and this partnership aligns with the company’s focus on service excellence and community involvement.
“Lockton and the Blues share a fierce commitment to service excellence and community engagement, so this is a partnership we’re truly proud of,” Buckle said.
The partnership will also enable Lockton to assist the Blues in developing and retaining talent, with a focus on high-performance training and strategic initiatives.
“Like the Blues, Lockton is proud to support our own rising stars, and this is reflected through our support of the Blues Academy and age group teams,” Buckle said.
Lockton’s partnership with the Blues extends into communities
Lockton’s collaboration with the Blues will extend into the community through its support of the Blues Charitable Trust. This includes participation in local initiatives and volunteering efforts, which Hore said would help maintain the Blues’ momentum both on and off the field.
“For the Blues, an example of this is the Blues Charitable Trust and in the coming months and years, we’re looking forward to working with Lockton’s people to continue our momentum and success, whether that’s through Lockton volunteering at some of our events or helping to raise awareness,” Hore said.
Lockton tackles rising insurance premiums
In a separate development, Lockton recently teamed up with a New Zealand property company to tackle rising insurance premiums, particularly for assets located in high-risk seismic zones.
Facing capacity limitations within the traditional insurance market, the property company turned to Lockton for a solution.
Lockton assisted the firm in creating a captive insurance company and developing a reinsurance plan. This involved conducting catastrophe modelling and updating risk assessments at key locations.
By presenting the firm’s risk profile to a wide range of underwriters ahead of policy renewals, the company secured over 175% of the needed insurance capacity for its material damage and business interruption coverage.
This approach allowed the property firm to negotiate better terms and reduce premium costs. Additionally, the company received ceding commissions from reinsurers, helping to cover the expenses of setting up and running the captive insurance structure.
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