Business Scoop » Bell Gully Advises Fidelity Life On Acquisition Of Westpac Life-NZ-Limited scoop.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scoop.co.nz Daily Mail and Mail on Sunday newspapers.
Photo: RNZ / Nate McKinnon
As part of the deal, Westpac would refer any potential life insurance customers to the company for the next 15 years.
Fidelity Life s largest shareholder, the NZ Super Fund and new investor Ngāi Tahu Holdings would fund the acquisition.
Westpac acting chief executive Simon Power said Fidelity Life were leaders in the industry. In talking to Fidelity Life we were extremely impressed with their single-minded focus on their customers, he said. Westpac Life customers do not need to take any action. Nothing changes with their policies and we know they ll be in great hands with Fidelity Life.
Press Release – Joint Press Release Ngi Tahu Holdings, the investment arm of Te Rnanga o Ngi Tahu, will take a $140 million, 24.9% stake in Fidelity Life, further strengthening the life insurers New Zealand-owned credentials. Ngi Tahu Holdings investment will help fund Fidelity …
Ngāi Tahu Holdings, the investment arm of Te Rūnanga o Ngāi Tahu, will take a $140 million, 24.9% stake in Fidelity Life, further strengthening the life insurer’s New Zealand-owned credentials.
Ngāi Tahu Holdings’ investment will help fund Fidelity Life’s acquisition of Westpac Life, which was also announced today, subject to regulatory and shareholder approvals.
Fidelity Life Chair Brian Blake says welcoming Ngāi Tahu Holdings as an investor, alongside the NZ Super Fund, is another significant milestone for the wholly New Zealand owned life insurer.
Westpac to sell NZ life insurance business moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.