Lombard says it will proceed with a reverse takeover of Australian Consolidated Insurance if it is approved by shareholders.
Lombard has an 85% stake in the insurance provider and manages $A80 million dollars in premiums.
Under the proposed takeover, Lombard will offer about 34 of its shares for each Australian Consolidated Insurance share.
If successful, Lombard's existing shareholders will be offered 1.2 cents for each share in the finance firm.
Lombard Group narrowed its half year loss to $80,000 for the six months to the end of September.