IAG Unit Acquires HBF’s Nonlife Insurance Business in Australia
Copyright: | (c) 2011 A.M. Best Company, Inc. |
Source: | A.M. Best Company, Inc. |
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"The sale of HBF insurance would help ensure HBF could focus on its core health insurance business," said
Under a distribution agreement with CGU, HBF-branded products such as home and contents, motor and travel insurance will be distributed by HBF and underwritten by CGU over the next 10 years.
"Having established HBF as a trusted local general insurer for more than 20 years, it had become clear that HBF's interests were better served as a distributor rather than manufacturer of general insurance products," said Bransby.
The sale of HBF insurance will have no immediate impact on its nonlife insurance policyholders. "A critical consideration was CGU's agreement to employ the great majority of HBF's general insurance team in
CGU has been attracted to a partnership with HBF "because of its iconic brand, loyal membership base and its alignment with CGU's values," said
IAG's first-half profit dropped to
IAG plans on expanding in
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