nib to acquire Kiwi Insurance Limited
We've agreed to purchase 100% of the shares in Kiwi Insurance Limited (a wholly owned subsidiary of Kiwi Group Holdings Limited), for a total consideration of NZ$45 million.
The acquisition is subject to receipt of regulatory approvals and is targeted for completion in early 2022.
Under the transaction, nib will acquire Kiwi Insurance Limited and will also enter an exclusive relationship with Kiwibank (a wholly owned subsidiary of Kiwi Group Holdings Limited) which will see the bank refer its retail customers to nib for their life and living insurance needs.
nib Chief Executive Officer, Rob Hennin said there was a strong alignment between the values and mission of the companies making the acquisition and new partnership a great fit.
“We’re all about supporting our members better health and we’re looking forward to providing them access to a suite of health, life and living insurance covers,” Mr Hennin said.
Kiwibank Chief Executive Steve Jurkovich said he was excited about today’s announcement which delivers on Kiwibank’s growth strategy by simplifying its business, building the bank’s partnership capabilities, and providing great outcomes for customers.
“Life insurance plays a vital role in providing financial security from the unexpected, and I’m delighted that Kiwibank and nib are entering into a long-term partnership that will support Kiwis to be better off,” said Mr Jurkovich.
Kiwi Insurance policyholders don’t need to do anything and will see no change to their current policies as a result of the sale.
Customers will receive further information ahead of the completion of the sale to nib in early 2022. In the meantime, it’s business as usual for the Kiwi Insurance team who remain committed to providing a great service to customers.
All media enquiries about nib nz limited should be directed to:
Phone: 0800 44 5573
Email: [email protected]