Allianz buys Westpac insurance business – Breaking News – Insurance News

Allianz has acquired the Westpac general insurance business in a $725 million deal that includes a 20-year agreement for distribution of products to the bank’s customers.
The insurer says the transaction is an important step in building its consumer portfolio in Australia and builds on an existing relationship with Westpac, in place since 2015, that has involved distribution of products including motor, travel, caravan and trailer insurance.
Under the new distribution agreement, Allianz will also…

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