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Vero Insurance on the CTI sale

4 April 2013

Vero Insurance on the CTI sale

Vero Insurance New Zealand (Vero) and United Travel Holdings have reached an agreement on the sale of Comprehensive Travel Insurance (2004) Limited (CTI) to the Allianz Global Assistance Group (AGA).

Vero will continue to underwrite all existing CTI policies until expiry or renewal. Over the coming months, new business written by CTI will be underwritten by Allianz Australia Insurance Limited, the underwriters of Allianz Global Assistance policies.

CTI staff will continue to be employed by CTI under Allianz Global Assistance ownership.

Vero CEO, Gary Dransfield said the sale followed a review of Vero’s plans for growth in its general insurance businesses.

“Our focus is on liability, commercial and personal property insurance. We believe the sale to the Allianz Global Assistance Group will be beneficial for CTI staff and customers, given Allianz’s global commitment to travel insurance and related services,” Mr Dransfield said.

ENDS

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