The deal allows nib NZ to offer life and living insurance solutions to its customers
Simpson Grierson has assisted Australian health insurer nib Holdings Limited in its acquisition of Kiwibank’s life insurance business in a deal worth $45 million.
Under the terms of the transaction, the ASX-listed company’s New Zealand subsidiary, nib NZ Holdings Limited, will acquire 100% of the shares in Kiwi Insurance Limited, a wholly owned subsidiary of state-owned bank and financial services provider Kiwi Group Holdings Limited, and enter an exclusive referral partnership with Kiwibank.
The deal is transformational for nib NZ as it gives the company a platform that allows it to offer a comprehensive suite of life and living insurance solutions to its customers.
The Simpson Grierson team was led by corporate partner Michael Pollard, who expressed delight over the firm’s well-established relationship with the Australia-based insurance provider.
“We have had a longstanding relationship with nib, having first acted for them when they entered in the New Zealand market through the acquisition of Tower’s health insurance book in 2013,” he said. “Since then, nib has successfully grown over time through organic growth and by acquisition, including the acquisition of ANZ’s health insurance book in 2015.”
The deal is expected to be completed early 2022 and is subject to New Zealand regulatory approvals from the Reserve Bank and the Overseas Investment Office.
Highbury Partnership also advised nib on the financial aspects, while Chapman Tripp and KPMG assisted Kiwi Group Holdings on the transaction.
