About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, September 17th, 7:46AM
rss
Latest Headlines

State denies health business for sale

State Insurance says it is selling some of its businesses, but says health insurance isn't on the block.

Wednesday, November 14th 2001, 11:04PM

State Insurance has sold its trade credit insurance business EXGO to Gerling Group, but is denying rumours its health insurance business is also on the block.

The sale of EXGO, which insures exporters and local traders against customers not paying their bills, will be completed on December 1. The business will retain its name and 11 staff, and will be strengthened by becoming part of the Gerling Group.

Gerling runs the world’s third largest trade credit insurance business, generating annual premium in excess of A$1 billion from 32 countries.

EXGO has operated in one form or another since 1965 and is second largest in the market, by premium income, to QBE.

State says the trade credit business was considered a non-core operation by its new owner, Australian insurer NRMA.

NRMA wants State to focus on "short tail" insurance products such as motor vehicle, and home and contents, a State spokesman says. Trade credit insurance is considered "long tail" like life and disability insurance.

However, the spokesman says there is no substance to rumours the health insurance business is also up for sale.

"It’s not up for sale," he says.

State has one health product, a surgical-only policy. The business has annual premium of about $2-2.5 million and is ranked about sixth or seventh in the market.

« Southern Cross looks to advisers for helpRSA sets up broker committees »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Strategy Thoughts

Tip from the top

Fidelity Income Protection
Changes to the wording make it easier to issue policies, but advisers should be careful about proof of income.

News Bites
Latest Comments
  • Stewart's NZIG gets boost
    “I just heard Ralph present at a meet the managers roadshow, and found the rationale for the NZIG service to be very compelling I'd...”
    9 hours ago by Pragmatic
  • Bank advice concerns questioned
    “The converse unfortunately is also true Mike; "Often the game-warden makes the best poacher"....”
    1 day ago by R1
  • Insurers need to self-regulate advisers before it’s too late
    “LNF has the answer - only pay commission on the increased amount. Such an easy fix I would think! Gee that would turn some...”
    1 day ago by Cathy
  • Van Eyk enters administration
    “What they really need to do is to get some independent and competent assessment of these investments, underlying assets,...”
    1 day ago by Robert
  • Stewart replaces Garrett on board
    “Good stuff & worthy appointment. The PWF gains a director with immense knowledge & experience in the financial services industry....”
    1 day ago by Fred
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com