Insurance Australia Group has completed its $NZ380 million ($A303.72 million) take-over of New Zealand’s AMI Insurance after getting the all clear from regulators.
The Reserve Bank of New Zealand has given final approval for the deal, IAG said on Thursday.
Christchurch-based AMI was bailed out by the New Zealand government after a surge in reinsurance costs and gross claims from the Christchurch earthquakes of more than $1.5 billion.
IAG’s acquisition excludes all of AMI’s earthquake-related liabilities, which will be owned and backed by the New Zealand government.
IAG’s New Zealand chief executive Jacki Johnson said the take-over would give certainty to AMI customers.
“New Zealand is regarded as a home market for IAG, and we are confident that it will continue to offer attractive returns into the future,” she said in a statement.