Allianz Global Assistance drives New Zealand growth with CTI acquisition
Chief Zone Executive Officer of the Allianz Global Assistance Group, Roland Rykart, said the deal, struck with CTI joint venture owners Vero Insurance New Zealand Limited and United Travel Holdings, was key to the company’s growth strategy for the region.
“The acquisition of this 40 year old travel insurance business is a logical and natural expansion of our New Zealand insurance business. It represents a strong strategic fit and will result in immediate incremental business growth,” Mr Rykart said.
“As CTI already has a well established portfolio of white label insurance products sold through a solid distribution partnership network, the acquisition will see our market share in the travel insurance sector double. It will also increase profitability as business integration opportunities are realised over time,” he said.
CTI’s current product offering will remain the same until 1 June 2013, when the underwriter will change from Vero to Allianz Australia Insurance Limited.
Allianz Global Assistance took 100 per cent ownership on 1 April 2013.
Allianz Global Assistance entered the New Zealand market in 2011 and provides travel insurance and emergency medical insurance to business clients.
Today’s announcement follows the opening of Allianz Global Assistance’s New Zealand Operations Centre in Auckland in 2011 and the appointment of insurance industry stalwart Phil Hibbert as Executive Manager New Zealand in 2012 to lead the business expansion program.
About Allianz Global Assistance
Allianz Global Assistance is an international leader in assistance, travel insurance and health, life and home care services. Globally, Allianz Global Assistance has more than 10,920 employees who speak 40 different languages and work throughout the world with a network of 400,000 service providers.
Four per cent of the world’s total population, or 250 million people, benefit from our services, which we provide on all five continents. We help someone, somewhere in the world every two seconds.
Together with customers and sales partners, Allianz is one of the strongest financial communities in the world. Around 75 million private and corporate customers rely on our knowledge, global reach, capital strength and solidity to help them take advantage of financial opportunities and to avoid and safeguard themselves against risks.
In 2012, around 144,000 employees in 70 countries achieved total revenues of 106.4 billion euros and an operating profit of 9.5 billion euros. Benefits to customers reached 89.2 billion euros. Verifiable transparency and integrity are key components of sustainable corporate governance at Allianz SE.