nib’s NZ$45 Million Acquisition of Life Insurance Business from Kiwibank

Simpson Grierson assisted nib New Zealand with its acquisition of Kiwibank’s life insurance.

Kiwi Group Holdings Limited sold ts life insurance business, Kiwi Insurance Limited, to nib nz holdings limited (nib) for NZ$45 million. 

Under the terms of the deal nib will purchase 100% of the shares in Kiwi Insurance Limited and enter an exclusive relationship with Kiwibank Limited (Kiwibank – a wholly owned KGH subsidiary) which will see the bank refer its retail customers to nib for their life and living insurance needs. The sale is subject to regulatory approvals.

Completion is scheduled for early 2022 and is subject to New Zealand regulatory approvals from the Reserve Bank and the Overseas Investment Office. 

nib holdings limited (ASX:NHF) provides health and medical insurance to over 1.4 million Australian and New Zealand residents.

The Simpson Grierson was led by Corporate partner Michael Pollard (Picture). 

 

Involved fees earner: Michael Pollard – Simpson Grierson;

Law Firms: Simpson Grierson;

Clients: nib Holdings Limited;

Author: Sonia Carcano