Allianz completes transaction to purchase Westpac's general insurance business

5 July 2021 — Andrei Victor
Allianz Australia announced the completion of the transaction to acquire Westpac's general insurance business 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".

At the end of 2020 Allianz announced it has agreed to purchase the general insurance business of Australian Westpac, entering into a new 20-year exclusive agreement for the distribution of general insurance products to Westpac customers.

"Announced in December 2020, the agreement, worth AUF 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".

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