Kiwi Group Holdings has completed the sale of its Kiwi Insurance business to nib NZ holdings for $45 million.
The sale was announced in November 2021 subject to regulatory approvals which have now been received.
Under the deal, nib New Zealand has acquired all the shares in Kiwi Insurance and entered an exclusive partnership with Kiwibank, the bank will refer its retail customers to nib for their life and living insurance needs.
Kiwibank CEO Steve Jurkovich says he is excited about the new partnership with nib, and nib New Zealand CEO Rob Hennin is look forward to welcoming current customers into the nib family and “offering all Kiwis access to a suite of life and living insurance covers in line with our purpose of your better health”.