Hollard has announced it has completed the acquisition of 100% of the general insurance business of CommInsure from the Commonwealth Bank of Australia (CBA).
The transaction includes an exclusive 15-year strategic alliance between CBA and Hollard to distribute home and motor lines of business to CBA’s customers. The acquisition further strengthens Hollard’s market share in Australia, solidifying its position as one of the country’s top five general insurers.
Paul Fahey, CEO Hollard Insurance, said: “We are incredibly excited to officially commence Hollard and CBA’s long-term strategic partnership, with the collective strengths of both businesses coming together to deliver great insurance products and experiences for our customers.
“I am also delighted to welcome the former CommInsure General Insurance team to our Hollard community. I would like to acknowledge and thank our teams across CBA and Hollard who have worked hard to get us to this point. The collaboration between our teams bodes well for a bright future and successful partnership.
Richard Enthoven, Managing Director Hollard Holdings Australia, said: “This alliance complements Hollard’s existing partnerships with blue-chip, leading brands, further leveraging the partnership expertise we have built over the last 20 years.”
Hollard acquired the unit from the Commonwealth Bank of Australia (CBA) for a cash consideration of $468m (A$625m) along with deferred payments.