Tower Insurance is getting into boat insurance.
Photo: RNZ / Dan Cook
The company will offer insurance to policy holders of Club Marine, an Australian-based pleasure boat insurer owned by the global Allianz financial group.
Club Marine is quitting New Zealand and will refer customers renewing policies to Tower, which is also going to offer a new boat insurance product to the local market.
"Securing agreements like this is a fast and efficient way to accelerate customer and premium growth with minimal additional expense for the business," Tower chief executive Blair Turnbull said.
He said the agreement could see it pick up a further 15,000 customers and $8 million in premiums.
"We want to deepen our customer relationships with a wider suite of products, and our new boat offering means we can help insure more things for our customers and increase loyalty," Turnbull said.
He said Tower had successfully taken over the Youi New Zealand business and integrated it, which gave it confidence for the boat insurance business.
"The success of the Youi NZ portfolio and the recent settlement with the EQC means we're now very well placed to find and secure these types of bolt-on growth opportunities that deliver shareholder value, and help us achieve the maximum benefits from our new technology platform."