Insurer takes the lot

CGU taken full ownership of specialist underwriting agency Accident & Health International (AHI) in a continued push at growing its underwriting agencies business.

AHI specialises in general and personalised cover for personal accident, medical and travel in Australia and overseas.

The IAG-owned Aussie insurer acquired a 50% stake in AHI in 2010, with the recent gain consolidating CGU’s shareholding by way of exercising their call option from the initial purchase.

IAG Commercial Chief Executive Ben Bessell says that the full acquisition of a market-leading business like AHI made a lot of sense for CGU.

“We have worked closely with AHI and its management team for five years and fully understand and appreciate the business and the great products and services it provides,” Bessell says.

“For us, it was just a matter of time, and we exercised our option to move to full ownership of AHI at the earliest opportunity.”

The acquisition closely follows CGU’s recent acquisition of emergency management group Dynamiq, with Executive General Manager Agencies Phuong Ly saying that the moves are complementary.

“Dynamiq is a key supplier to AHI’s corporate travel insurance offer so it’s great to have full ownership of both these businesses within our agencies division,” Ly says.

“It’s business as usual at AHI but it does mean CGU can now look to help AHI expand more aggressively.”