Global insurance giant gets tick to operate in NZ

Concerns that the market would become too narrow following IAG’s acquisition of Lumley could be allayed as another major insurer is granted a licence to operate in New Zealand.

Insurance News

By Maryvonne Gray

Insurance giant Chubb has been granted a licence to operate in New Zealand.

The licence was issued by the Reserve Bank of New Zealand (RBNZ) to Chubb Insurance Company of Australia, which is part of the Chubb group of insurance companies, based in the US.
 
Mark Lingafelter, managing director, Chubb Insurance Company of Australia, confirmed the approval.
 
He told Insurance Business the plan was to undertake an in-depth analysis of the market.
 
“Chubb Insurance Company of Australia appreciates the recent approval by the Reserve Bank of New Zealand of our branch licence.
 
“This approval ensures our continued compliance following the legislative changes of 2013.
 
“We will next be completing a market analysis to identify which segments of the market provide the best match with Chubb’s underwriting appetite.”
 
Lingafelter said the company had strong financial ratings from both Standard and Poor's and AM Best and a global reputation for superior claims service.
 
“As a specialist underwriter, with a global reputation for superior claims service, and strong financial ratings from Standard and Poors and AM Best, we believe Chubb offers a unique proposition to our brokers and clients,” he said.
 
“We look forward to growing our business in New Zealand.”
 

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