Q&A on the transfer of AMI and Lumley to IAG
14 December 2015
IAG New Zealand Limited (IAG), AMI Insurance Limited (AMI) and Lumley General Insurance (N.Z.) Limited (Lumley) have received regulatory approval to transfer the insurance business of AMI and Lumley to IAG. The transfer will be effective from 14 December 2015.
Here are some FAQs to provide more information about the transfer.
Why are they doing this?
IAG, AMI and Lumley are all part of the same group, ultimately owned by Insurance Australia Group Limited (IAG Group). The transfer is part of an internal reorganisation by IAG Group to reduce the number of licensed insurers it owns in New Zealand from three (IAG, AMI and Lumley) to one (being IAG).
I am an AMI or Lumley customer – what will this mean for me?
If you are an AMI or Lumley customer, IAG will become the insurer under your AMI or Lumley insurance policy (or policies) from 14 December 2015.
IAG will assume the same obligations that AMI and Lumley currently have under your existing policies. Therefore the change will not alter the terms and conditions of your policies. It simply reflects licensing changes following IAG Group’s purchase of AMI and Lumley.
What does this mean for the AMI and Lumley brands?
AMI and Lumley will continue to operate as distinct brands within IAG’s business in New Zealand. IAG also operates the State and NZI brands and underwrites insurance for other institutions including ASB, BNZ, and the Cooperative Bank.
What regulatory approval has IAG received for the transfer to go ahead?
The Reserve Bank of New Zealand has given approved for the transfer to go ahead.
What does this mean for me if I have a claim lodged with AMI or Lumley at the time of the transfer?
IAG will assume the same obligations that AMI and Lumley currently have under your existing policies. Therefore the change will not affect how your claim is handled.
What does this mean for me if I have a claim lodged with Southern Response?
The transfer does not affect any insurance claims for which Southern Response is responsible.