IAG New Zealand Limited is pleased to announce that it has purchased half of the shares of Mike Henry Travel Insurance (MHTI).

IAG NZ trades under the State and NZI insurance brands in New Zealand and underwrites general insurance business for some of the country’s leading financial institutions. It is owned by Insurance Australia Group, Australasia’s largest general insurer.

 

IAG NZ Chief Executive David Smith said he was delighted with the arrangement and looked forward to underwriting MHTI business in the future. “We can now support the market leading travel insurer with our strong Standard & Poor’s AA rating,” he said.

MHTI Managing Director Steve Nichols said it will be “business as usual” with no change in the management of the company. “Travel Agents will continue to enjoy the same high level of service that we’ve delivered since our inception 21 years ago,” he said.

Mr Nichols said the company remained committed to developing new and innovative travel insurance products in the future. “We’ll continue to pursue initiatives, similar to our Travel Wizard system, which add value to the travel industry and its clients.”

The “Mike Henry” brand will be retained and a new Board of Directors will be formed. It will include Mike Henry and Steve Nichols with two representatives from IAG NZ.