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Mike Henry Travel Insurance partners with IAG

8 July 2004

Mike Henry Travel Insurance partners with IAG

Mike Henry Travel Insurance (MHTI) is pleased to announce that it has sold half of its shares to IAG New Zealand Limited (IAG NZ).

IAG NZ is owned by Insurance Australia Group and underwrites and distributes general insurance products through both the State and NZI insurance brands in New Zealand. It carries a Standard & Poor's credit rating of AA.

MHTI Managing Director Steve Nichols said it will be "business as usual" with no change in the management of the company. "Travel Agents will continue to enjoy the same high level of service that we've delivered since our inception 21 years ago," he said.

Mr Nichols said the company remained committed to developing new and innovative travel insurance products in the future. "We'll continue to pursue initiatives, similar to our Travel Wizard system, which add value to the travel industry and its clients."

IAG NZ Chief Executive David Smith said he was delighted with the arrangement and looked forward to underwriting MHTI business in the future. "We can now support the market leading travel insurer with our strong Standard & Poor's AA rating," he said.

The "Mike Henry" brand will be retained and a new Board of Directors will be formed. It will include Mike Henry and Steve Nichols with two representatives from IAG NZ.

ENDS


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