Allianz to acquire Westpac's general insurance business

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Allianz to acquire Westpac's general insurance business

Australia's Westpac Banking Corporation has confirmed it is to sell its general insurance division to Germany's Allianz in a transaction worth US$535m. Allianz has secured a 20-year exclusive access agreement to Westpac clients as part of the deal, which will boost the German multinational's footprint in Australia. Allianz is already one of the five largest insurers in the country, according to Reuters. Allianz initially signed a bancassurance deal with Westpac in 2015.  Commenting o...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.