CBA sells general insurance arm to Hollard Group

The two firms have struck a 15-year distribution deal for home and motor vehicle insurance.

The Commercial Bank of Australia (CBA) has agreed to sell its general insurance arm CommInsure to South Africa-based Hollard Group, according to media reports.

The two firms have also struck a 15-year product distribution deal for home and motor vehicle insurance products to CBA’s retail customers in Australia.

The transaction consideration includes $468m (A$625m) of upfront, together with deferred payments which are payable upon achieving certain business milestones, and additional investment from Hollard.

CBA will also continue to earn income on the distribution of home and motor insurance products, it said.

The lender will also receive a pre-completion dividend, with the amount subject to the timing of completion, business performance and regulatory approvals.

Follow the links for more news on

Commercial Bank of Australia

Hollard Group

Australia

Acquisitions

General insurance

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit