IAG-backed insurer CGU Insurance (CGU) has entered an agreement with major Australia and New Zealand bank, ANZ.

As part of the agreement, CGU will become ANZ retail banking customers' general insurance underwriter, providing home, landlord, and motor insurance products.

“We're pleased to partner with CGU to bring our customers continued support for their insurance needs and further improve their financial wellbeing. We know CGU will be able [to] provide high-quality service and support for customers who want to protect the things that matter most to them,” said Kath Bray, managing director for retail banking at ANZ.

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CGU, part of IAG's Intermediated Insurance Australia (IIA) business led by group executive Jarrod Hill, is one of Australia's leading commercial, rural, and personal lines insurers. Its agreement with ANZ complements IIA's solid history of distribution through financial institutions, further enhancing and leveraging the scale of its intermediated personal lines portfolio and contributing to its goal of achieving a $250 million insurance profit by the 2024 financial year.

Hill said he looks forward to the mutual benefits and enhanced customer experiences the insurer will deliver through the deal, including increased customer value through a streamlined, digitally enabled model and high-quality products and services.

“ANZ is a company that aligns well with the values and purpose of CGU and our broader IAG business. As purpose-driven organisations, we are committed to delivering market-leading products and services to our customers,” he said. “CGU's continual focus and investment in strengthening our digital capabilities – along with our well-established claims expertise to effectively manage claims, particularly during major natural peril events nationally – were fundamental in securing this agreement.”