Tyndall Australia is about to enter the market with its low-cost term life contract known as Life Protection Plan through its subsidiary Tyndall Life New Zealand.
The company has been eyeing the New Zealand market for some time now, and secured a foothold last year when its major shareholder, Guinness Peat Group, bought Oceanic Life’s $10 million insurance book.
That deal included whole-of-life and cash accident policies and gave Tyndall about 50,000 policyholders which generate annual premiums of about $10 million.
All the Oceanic policies have been rebranded under the Tyndall banner.
In New Zealand Tyndall hopes to leverage off the brand name of its fellow subsidiary Guardian Trust. The life policies which are being sold in New Zealand are complementary to Guardian Trust’s business, plus they will be co-branded.
Tyndall’s Sydney-based operations director John Stanbridge says the company will use the Guardian Trust distribution network, plus it will be looking to tap into the insurance broker network.
While this is the initial product launch for the company in New Zealand it is by no means the last.
Stanbridge says the company has identified other opportunities in the New Zealand market, however he is not willing to disclose them yet.
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