Allianz Global Assistance pursues its international growth

Asia Pacific remains the fastest growing region of the group, offering huge travel insurance and other service opportunities. Established in New Zealand in 2011, Allianz Global Assistance announced today that it took 100 per cent ownership of CTI on April 3, 2013. 

The deal was struck with CTI joint venture owners Vero Insurance New Zealand Limited, part of one of the largest financial and insurance operations throughout Australia and New Zealand, and United Travel Holdings Limited.

“The acquisition of this 40 year old travel insurance company is a logical and natural expansion of our New Zealand business. It represents a strong strategic fit and will result in immediate incremental business growth” said Roland Rykart, Chief Zone Executive Officer. “As CTI already has a well-established portfolio of white label insurance products sold through a solid distribution partnership network, the acquisition will see our market share in the travel insurance sector double. Profitability will also increase as business integration opportunities are realised over time” he adds.

Today’s announcement follows the appointment of insurance industry stalwart Phil Hibbert as General Manager, New Zealand in 2012 to lead the business expansion program. 

About Allianz Global Assistance 

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International leader in assistance, travel insurance and health, life & home care services, today Allianz Global Assistance counts more than 10 920 employees who speak 40 different languages and work throughout the world with a network of 400,000 service providers and 135 correspondents covering 150 countries. 250 million people, or 4% of the world’s total population, benefit from its services, which the Group provides on all five continents.