Allianz introduced it has agreed to order the common insurance policies organization of Westpac Banking Corp., the Australian banking group for a deal worthy of A$725 million (US$534 million).
It will also enter into a new 20-12 months distinctive agreement for the distribution of normal insurance plan solutions to Westpac clients in an growth of its present bancassurance settlement, which has been in place because 2015.
Below the new distribution settlement, alongside with the existing goods of motor, caravan and trailer and vacation insurance, Allianz will challenge and service a range of particular insurance products and solutions, including home and contents, less than Westpac Group’s brands.
Topic to receipt of needed regulatory approvals, the transaction is anticipated to full in mid 2021.
“We are delighted to even more bolster our position in the Australian retail industry and pleased to expand our romance with Westpac,” explained Oliver Baete, CEO of Allianz SE.
“Westpac has been a extended-expression enterprise companion for Allianz and we are really happy to enter into this new settlement,” reported Allianz Australia Handling Director Richard Feledy.
“Allianz is a verified bancassurance companion, each globally and locally, and we are committed to further more investing in this channel. By combining our insurance coverage and digital know-how we are equipped to present valuable protection to Westpac’s clients,” added Feledy.
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