nib completes purchase of Kiwi Insurance Limited
nib nz holdings ltd (nib New Zealand) has completed its purchase of Kiwi Insurance Limited (a wholly owned subsidiary of Kiwi Group Holdings Limited). We first announced we had agreed to purchase 100% of the shares in Kiwi Insurance Limited on 8 November 2021.
nib New Zealand has received all necessary regulatory approvals and satisfied all required conditions for the sale.
Under the deal, nib New Zealand has also entered into an exclusive relationship with Kiwibank Limited which will see the bank refer its retail customers to nib for their life and living insurance needs.
Our Chief Executive Officer, Rob Hennin said nib was committed to providing a seamless transition and ongoing great service to current customers including honouring all current policy benefits.
“We look forward to welcoming current customers into the nib family and offering all Kiwi access to a suite of life and living insurance covers in line with our purpose of your better health,” Mr Hennin said.
Kiwibank Chief Executive, Steve Jurkovich said Kiwi Insurance customers did not need to do anything as a result of the sale and that they were in good hands with nib.
“I’m excited about this new partnership with nib which will allow Kiwibank to continue to deliver on its purpose of making Kiwi better off, whether that’s getting into a home or having the right insurance in place to protect what matters most,” Mr Jurkovich said.
nib New Zealand agreed to purchase Kiwi Insurance Limited for a total consideration of NZ$45 million (AU$42 million) with the transaction funded through a combination of existing capital and new debt.
The purchase will not have a material impact on nib’s FY22 earnings.
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