Allianz Australia enters strategic partnership with the Royal Automobile Association of South Australia
Τετάρτη, 04 Δεκεμβρίου 2024 14:15- Allianz purchases general insurance business of RAA, expanding its consumer insurance presence in South Australia.
- 20-year exclusive distribution agreement for the General Insurance product lines1 of RAA.
- Transaction worth gross AUD$642 million (including excess capital and subject to completion adjustments) and expected to complete in mid-2025.
Allianz Australia is excited to announce it has entered into a partnership with the Royal Automobile Association of South Australia Incorporated (RAA). The partnership, worth AUD$6422 million, includes the purchase of its general insurance business and a 20-year exclusive distribution agreement for the Home and Motor insurance product lines of RAA.
Within this partnership, Allianz will underwrite all General Insurance products (excluding travel), and manage claims, under the RAA brand. Allianz will also welcome approximately 270 RAA employees, who will transfer to join the local Allianz Adelaide team, under the proposed acquisition. As a leading global insurance brand3, with over 100 years’ experience in Australia, Allianz will bring both global and local expertise to support RAA’s 825,000 members.
Allianz Managing Director, Richard Feledy, said: "We are thrilled to announce our partnership with RAA, South Australia's leading insurer and a beloved and respected brand. Both RAA and Allianz have a rich history of supporting Australian’s for over 100 years.
Our commitment to delivering exceptional value, and caring for our customers and members, is at the heart of this collaboration. We were strongly drawn to partner with RAA due to their compelling strategy and platform for growth, the underlying quality of the business, and the relative stability and profitability of the insurance market in South Australia.
There is also a strong cultural and strategic alignment that is already evident between our organisations, and we look forward to welcoming the RAA team to Allianz.”
RAA Chief Executive Officer, Nick Reade, said: “We are pleased to enter into this agreement with Allianz. As the world’s number one insurance brand we are confident Allianz’s global insurance expertise and scale will greatly benefit our 825,000 members.”
Both companies will go through a process of consulting with key stakeholders and will obtain all relevant regulatory approvals.
Subject to regulatory approvals and other conditions, it is expected the transaction will complete mid 2025.