AAGIL portfolio transfer to Allianz kicks off in September

AAGIL plans to transfer its general insurance portfolio to Allianz.

Allianz Australia General Insurance Limited (AAGIL) plans to transfer its general insurance portfolio to Allianz Australia Insurance Limited (Allianz).

The portfolios being transferred are in 'run-off,' meaning AAGIL will no longer underwrite new business but will continue to manage existing policies until they expire. 

This includes consumer credit insurance (CCI) and general insurance claims.

AAGIL, a wholly owned subsidiary of Allianz, aims to undergo a scheme under the Insurance Act 1973 (Cth). 

The proposed effective date of the transfer is 1 September, pending confirmation by the Federal Court of Australia.

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If a policyholder, potential beneficiary, or a person with a current claim under a policy insured by AAGIL is subject to the transfer, they are not required to take any action before or after the transfer. 

However, it is recommended that they review the information provided on Allianz’s website to understand how the transfer may impact the rights and obligations.