Tower Wins Westpac Underwriting Deal from IAG

Tower has secured a significant insurance underwriting deal with Westpac New Zealand, taking over the underwriting of Westpac’s branded insurance products. This agreement marks a shift for Westpac, which previously had its insurance underwriting managed by IAG.

The new arrangement will see Tower underwrite Westpac’s general insurance products. This partnership is expected to leverage Tower’s underwriting expertise and infrastructure. The move signifies a strategic realignment for Westpac in its insurance offerings, aiming to provide its customers with continued access to insurance solutions.

Tower, a prominent player in the New Zealand insurance market, will now be responsible for the underwriting of these products. This expands Tower’s portfolio and strengthens its position in the industry. The deal is poised to commence following the completion of regulatory approvals.

Key Points

• Tower takes over the underwriting of Westpac’s branded insurance products.
• Westpac’s previous insurance underwriting partner was IAG.
• The new deal will see Tower underwrite Westpac’s general insurance products.
• The agreement is subject to regulatory approvals.

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