Westpac seals sale of general insurance business



Allianz Australia has ushered in July with the completion of its general insurance acquisition from Westpac Banking Corporation.

“Today marks an important step in our strategy to grow our partnerships and consumer insurance portfolio in Australia,” said Allianz Australia managing director Richard Feledy. “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.”

More than 350 general insurance employees from the lender have now officially joined Allianz.

Meanwhile, today is also the start of Allianz’s 20-year exclusive agreement with Westpac to distribute general insurance products to the bank’s customers.

“Allianz and Westpac both share a commitment to simplicity and delivering customer-centric products and services,” commented Feledy. “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.”

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