Weekly briefs
Ban disputed, NBFS changes property fund, Excellent recovery, Royal & SunAlliance profits boosted.
Sunday, May 9th 1999, 12:00AM
A Bahamas based company, Imperial Consolidated Securities SA, is disputing a Securities Commission announcement warning investors to beware of the products being offered by Imperial.Commission senior executive Norman Miller says people should "exercise great care before placing any money with Imperial Consolidated Securities SA."
He says the company has breached the Securities Act, and consequently is from advertising its "zero coupon bonds" and its funds which invested in the "factoring of top European company trade instruments".
The ban is because the company has not provided an investment statement or a registered prospectus.
However, Imperial, in a newspaper advertisement, "refutes the Securities Act 1978 has been contravened and wishes to state that they have endeavoured to meet all reasonable requests."
NBFS Property fund changes
National Bank Financial Services is changing the way its property fund gets exposure to the sector. It will now invest in the AMP Property Fund, as opposed to being managed internally.
About a quarter of the AMP fund is invested in listed property securities to provide liquidity.
AMP bought the National Bank's asset management business Southpac in December 1998.
Excellent Recovery
Farmers' Mutual Accident Care Ltd, established to provide employee accident insurance, has been given an A- (Excellent) rating by international rating company AM Best.
"This is a group rating which reflects on the company's capital adequacy and its strong integration with the other insurance operations of the Farmers' Mutual Group," AM Best says.
"The rating also acknowledges that the company has a low cost structure, supported by a well-established claims and case management."
FMG's Recover range of workers accident insurance is specifically designed for the rural community.
Royal boosted by acquisition
Royal & SunAlliance's two recent acquisitions have helped make in the biggest combined life, investment and general insurance company in New Zealand on a new business premium income basis.
The enlarged Royal & SunAlliance group (which includes the funds management and insurance business of Norwich Union and Guardian Assurance) achieved record premium income of more than $410 million.
The life and investment company's funds under management increased 303 per cent to $2.2 billion in the 12 months ending December 31.
Likewise, the fire and general company increased its audited after tax operating profit by 16 per cent to of $18.7 million, while the life and investment company increased its gross profit 200 per cent to $8.1 million.
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