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Allianz NZ has announced its decision to exit three lines of business in New Zealand, and will no longer be underwriting new policies for its Commercial Motor & Fleet, Public & Products Liability and Property Insurance products.
The insurer announced the decision in a letter to its business partners, with Allianz New Zealand CEO Marc Guppy saying the move had been made following a review of its New Zealand operations.
“After much consideration, and following a review of the strategic opportunities available to our business in New Zealand, Allianz has made the difficult decision to exit the three lines of business - Commercial Motor & Fleet, Public & Products Liability and Property Insurance - currently underwritten and distributed by the Allianz Broker & Agency (B&A) business,” Guppy stated.
Allianz B&A will no longer be underwriting new policies for the three business lines from 31 May 2019, and it will no longer renew existing policies after 12 July 2019. Guppy says Allianz will continue managing existing and future claims and policy servicing requirements through its New Zealand-based underwriting and claims teams.
“This change relates to the Allianz B&A division and does not impact global lines including Euler Hermes, Allianz Global Corporate & Specialty or Allianz Partners,” Guppy clarified.
“We will also retain our premium funding operation Hunter Premium Funding, along with specialist agencies Club Marine, Allianz Marine & Transit and Primacy. As a result of this change, there will be no impact to services or products for customers of these remaining businesses.”
Allianz will be providing business partners with updates throughout the process over the coming months.
