Allianz New Zealand
Allianz New Zealand provides a range of personal, commercial and corporate insurance products through selected Broker and Agent business partners.
The company operates throughout New Zealand as part of the Allianz Group, one of the world’s most renowned insurers and financial services providers. In New Zealand, Allianz draws on this experience, specialist knowledge, and worldwide support to provide comprehensive and innovative solutions for local companies and global businesses alike.
Above all, Allianz is committed to excellence in its daily business - in its relationships with customers, its shareholder, employees and the wider community.
History of Allianz New Zealand
|2013||Allianz New Zealand Ltd transferred its insurance business to the New Zealand branch of Allianz Australia Insurance Limited on 1 January 2013. This transfer was approved by the Reserve Bank of New Zealand.|
|2000||Official change in title from MMI General Insurance (NZ) Ltd to Allianz New Zealand Ltd in July 2000|
|1998||Allianz acquires majority shareholding in MMI and MMI becomes a wholly-owned subsidiary of Allianz AG.|
|1990||MMI enters into the insurance premium funding market and establishes an office in New Zealand.|
|1986||MMI acquires the Australian operation of Allianz.|
|1920||The company changes its name to Manufacturers Mutual Insurance Limited, (MMI).|
|1914||The first annual report of the company showed that "The Manufacturers' Mutual Accident Insurance Association Limited" commenced its Workers' Compensation underwriting business on 30 May 1914.|
|Allianz New Zealand Limited transferred all of its insurance business to the New Zealand branch of Allianz Australia Insurance Limited on 1 January 2013.|
The transfer was approved by the Reserve Bank of New Zealand. Both companies are members of the global Allianz group and the transfer is an internal reorganisation.
No change will be made to the terms of policies as a result of the transfer and no action is required on the part of policyholders.
The questions and answers below provide more information.
|Questions and answers|
|What is happening to Allianz New Zealand?|
The Allianz New Zealand business itself is continuing. The change is that the business will be carried on by another member of the global Allianz group.
On 1 January 2013 the business transferred from Allianz New Zealand Limited to the New Zealand Branch of Allianz Australia Insurance Limited. This was subject to the approval of the Reserve Bank of New Zealand.
|Why is Allianz making this change?|
Allianz believes that the transfer provides the best structure for our Allianz New Zealand business.
The change enables us to combine the benefits of the New Zealand business and its local knowledge with the benefits of the size and scale of Allianz Australia Insurance Limited.
|When will the transfer happen?|
The transfer was approved by the Reserve Bank of New Zealand and took effect from 1 January 2013.
|What will change for me?|
Only that from 1 January 2013 the insurer under your policy is the New Zealand Branch of Allianz Australia Insurance Limited.
Otherwise, your policy and / or claim will continue as before.
|Will the Allianz staff, or contact numbers / emails, be changing?|
No. There are no changes affecting staff or contact details.
|Will this affect my Allianz policy or my claim?|
The change of insurer does not affect your policy or claim, apart from that your insurer is now the New Zealand Branch of Allianz Australia Insurance Limited.
The transfer does not change your policy terms or affect any claims under your policy.
|Will the change affect my payment arrangements to Allianz?|
The change will not affect any direct debit authority in favour of an intermediary for an Allianz policyholder. In addition, where you have authorised Allianz directly we will treat this as transferred to the New Zealand Branch with your policy.
|Who is Allianz Australia Insurance Limited and what is its financial strength rating?|
Allianz Australia Insurance Limited (AAIL) is a member of the global Allianz group and one of Australia’s largest general insurers.
AAIL is authorised and prudentially regulated by the Australian Prudential Regulation Authority. AAIL has a full licence granted by the Reserve Bank of New Zealand under the New Zealand prudential regime.
AAIL has an AA- insurer financial strength rating given by Standard & Poor’s (Australia) Pty Limited. The full rating information is shown below.
Allianz Australia Insurance Limited has an AA- insurer financial strength rating given by Standard & Poor’s (Australia) Pty Limited.
The rating scale* in summary form is:
An overseas policyholder preference applies. Under Australian law, if Allianz Australia Insurance Limited is wound up, its assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Allianz Australia Insurance Limited’s Australian assets to satisfy New Zealand liabilities.
As at 31 December 2016, our solvency as filed with the Reserve Bank of New Zealand is as follows:
|What is a branch?|
A branch is the separation of a distinct part of a company’s business for accounting, regulatory and / or other purposes. A branch is not a separate legal entity to the company of which it is part.
|What will happen to Allianz New Zealand Limited after the transfer?|
The company will cease to be an insurer but will remain a member of the Allianz group and provide internal services. Allianz New Zealand will also continue to provide the Hunter Premium Funding services in New Zealand.
|Is this is a preliminary step to other Allianz changes later?|
The Allianz New Zealand business is continuing. Apart from the change of Allianz group member, no other changes are intended or planned.
|What will the policyholder preference mean for New Zealand policyholders?|
The policyholder preference is set out in a question above.
Importantly, the preference would only apply in the event Allianz Australia Insurance Limited is wound up. Both Australian and New Zealand authorities and laws will regulate the company’s capital position and prudential management.
The Allianz Group is one of the largest and most renowned insurance and financial services providers in the world. Representing an international network of strong brands with first-class products, Allianz brings together the expertise of specialists in property and casualty insurance, life and health insurance, asset management and banking. Above all, the Group strives for commitment to excellence in its daily business - in relationships with customers, shareholders, employees and the wider community.
Founded in 1890 in Berlin, Allianz is now present through its subsidiary companies in more than 70 countries with approximately 142,000 employees and 78 million customers. At the top of the international group is the holding company, Allianz SE, with its head office in Munich.
In fiscal year 2011, the Allianz Group achieved total revenues of over 103.6 billion Euros.
For more information, visit the Allianz Australia website or the Allianz Group website.