Combined Insurance, a division of ACE Insurance in Australia, is to cease writing new business both Australia and New Zealand over the coming months.
The Australian business will cease writing new business on 22 April 2016 whilst the New Zealand business will do the same on 25 February 2016, the company said in a pair of statements.
In a brief statement, ACE said that the move came after a “detailed review” and will not affect current policy-holders with Combined.
“Combined Insurance will cease writing new business in Australia on 22 April 2016,” the statement said.
“This change will not impact existing policyholders, who will continue to receive customer service, including claims handling, policy change requests and renewals.
“The decision to cease new policy sales followed a detailed review of the company’s business operations and growth prospects.”
Combined Insurance hit the headlines last year as ACE reportedly flew in global president of Combined, Brad Bennett, from the United States for high level talks following numerous allegations against the business.
As part of an ASIC
investigation, an AR of the business was permanently banned from the financial services industry in July 2015.
The move comes as ACE and Chubb
finalise their multi-billion dollar merger, which will see the company branded under the Chubb
name, which is expected to be confirmed in April.
Combined Insurance has operated in the Australian market since 1959.