Allianz become third largest insurer in Australia

Allianz Australia announced the completion of the transaction to acquire Westpac’s general insurance business on 1 July, and commenced a 20-year exclusive agreement to distribute general insurance products to Westpac customers. As part of this agreement, over 350 Westpac general insurance employees have now officially joined Allianz, bringing with them a suite of talents and industry knowledge that will help Allianz to continue to grow and innovate.

Announced in December 2020, the agreement, worth $725 million, sees the expansion of Allianz’s product offering available through Westpac. In addition to an agreement to provide Westpac with Allianz’s motor, caravan and trailer, and travel insurance, which has been in place since 2015, Allianz now issues and services a range of personal insurance products, including home and contents, to Westpac Group’s brands.

Richard Feledy, Allianz Australia managing director, said: “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.

“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.”