Allianz Australia says it has completed the transaction to acquire Westpac’s general insurance business, commencing a 20-year exclusive agreement to distribute general insurance products to Westpac customers. As part of the agreement, more than 350 Westpac general insurance employees have joined Allianz, bringing talent and knowledge the company says will help it continue to “grow and innovate”.
Announced in December 2020, the agreement is worth $725 million and expands Allianz’s product offering available through Westpac. In addition to an agreement in place since 2015 to provide Westpac with Allianz’s motor, caravan and trailer, and travel insurance, Allianz says it now issues and services a range of personal insurance products, including home and contents, to Westpac Group’s brands.
“Allianz and Westpac both share a commitment to simplicity and delivering customer-centric products and services. These aligned values have provided us with a strong foundation to build upon and we are excited to enter the next phase of our long-term partnership with Westpac,” said Richard Feledy, Managing Director of Allianz Australia.
“Today marks an important step in our strategy to grow our partnerships and consumer insurance portfolio in Australia. Not only does this see Allianz become Australia’s third largest insurer, it also represents a significant growth in our talented team. We are thrilled to welcome our new colleagues into our organisation, knowing that our team and customers will benefit from their collective wealth of experience.”