Allianz announced it has agreed to purchase the general insurance business of Westpac Banking Corp., the Australian banking group for a deal worth A$725 million (US$534 million).
It will also enter into a new 20-year exclusive agreement for the distribution of general insurance products to Westpac customers in an expansion of its existing bancassurance agreement, which has been in place since 2015.
Under the new distribution agreement, along with the existing products of motor, caravan and trailer and travel insurance, Allianz will issue and service a range of personal insurance products, including home and contents, under Westpac Group’s brands.
Subject to receipt of required regulatory approvals, the transaction is expected to complete in mid 2021.
“We are delighted to further strengthen our position in the Australian retail market and happy to expand our relationship with Westpac,” said Oliver Baete, CEO of Allianz SE.
“Westpac has been a long-term business partner for Allianz and we are very pleased to enter into this new agreement,” said Allianz Australia Managing Director Richard Feledy.
“Allianz is a proven bancassurance partner, both globally and locally, and we are committed to further investing in this channel. By combining our insurance and digital expertise we are able to provide valuable protection to Westpac’s customers,” added Feledy.
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