Virgin Australia Holdings Limited, in its bid to come out the other side of the COVID-19 pandemic in a stronger financial position, has gone into voluntary administration to recapitalise the firm. That might have left Virgin Money Australia (VMA) policyholders to wonder whether their insurance policies are impacted.

The simple answer is ‘no’. In fact, VMA is not at all affected by Virgin Australia seeking financial assistance after being badly hit by the coronavirus crisis. VMA, while it continues to carry Virgin’s branding, became a Bank of Queensland (BOQ) company in 2013.      

Operating as a standalone retail financial services business within the BOQ group, VMA has allowed the regional bank to expand its distribution footprint through a globally recognised brand. It offers travel, car, home, and life insurance as well as income protection.

According to Australian personal finance comparison website Finder, VMA policies are underwritten by the likes of Auto & General and TAL.