NRMA, Australia’s largest general insurer, has agreed to acquire New Zealand’s State Insurance Ltd from CGNU, its present owner, for A$325 million ($178.23 million). CGNU chose to sell the former Norwich Union subsidiary rather than integrate its operations with its commercial insurance unit, New Zealand Insurance.
Analysts approved the move as strategically sound for NRMA, which will acquire a staff of 1400 employees, State’s 1.5 million policies and 700,000 customers. The move also gives the Sydney-based insurer increased geographic diversity with roughly 42 percent of its written premium now derived from outside of New South Wales.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Midtown Manhattan Buildings Evacuated After Collapse Warning 
Developer Downplays Structural Concerns at ‘Unstable’ Midtown Manhattan Tower 
Allstate Sued by Oklahoma for Alleged Scheme to Underpay Claims 
Travelers Builds Insurance-Specific LLM 
