|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, May 17th, 6:37PM


Latest Headlines

Accuro members vote overwhelmingly in favour of UniMed merger

Accuro Health Insurance Society's policyholders have overwhelmingly approved the Wellington-based health insurer's merger with Christchurch-based Union Medical Benefits, known as UniMed, to form New Zealand's third largest health insurer.

Tuesday, November 21st 2023, 3:01PM

by Jenny Ruth

Accuro's rules and the Industrial and Provident Societies Act required two separate meetings and votes and the first one saw 92.8% of those voting in favour while the second garnered 96.1% support.

“Combining the resources and capabilities of the two not-for-profit mutual societies is the best way to meet the challenges in the health insurance market and is in the best interests of Accuro members,” says Accuro chair Marion Guy.

“The board is pleased with the very strong support received from those members.”

The merger now requires the Reserve Bank's approval – RBNZ is the insurance industry's prudential regulator.

Guy says that process will likely take until early next year.

“If that approval is received, Accuro policyholders will continue to receive the same cover and benefits they do now and the Accuro brand will continue with UniMed as the insurer.”

UniMed chair Peter Tynan says if the RBNZ greenlights the merger, the company will represent nearly 10% of the NZ health insurance market with a combined membership of about 140,000 and employing nearly 100 people.

“The larger entity will have the scale and financial strength to better maintain existing services and meet the challenge of rising healthcare costs and premium affordability,” Tynan says.

The merger “is the best way to deliver long-term value to members and will also create opportunities to improve and enhance services in the future.”

Both not-for-profit organisations have their roots in the union movement, Accuro being founded in Wellington in 1971 to serve workers in health boards and UniMed in Christchurch in 1979, although UniMed is now the larger organisation.

UniMed has traditionally been strong in the mid-to-large employer market segments while Accuro has focused on the individual and smaller employer markets.

Tags: Accuro

« JAVLN signs up Aussie's BJS Insurance Group for three yearsAsteron Life takes out top gong for 4th time »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

Premium relief for customers in drought areas
Fidelity Life offers premium relief to drought-affected customers

Fidelity Life relaunches customer engagement initiative
Once again Fidelity Life wants to recognise advisers who go above and beyond to deliver amazing customer service.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and