A ruckus between ANZ National and insurer Tower has ended after nearly 18 months following a settlement between the two companies.The dispute involved about 110,000 customers who pay annual premiums of about $70 million, who bought ANZ and National Bank-b
A ruckus between ANZ National and insurer Tower has ended after nearly 18 months following a settlement between the two companies.
The dispute involved about 110,000 customers who pay annual premiums of about $70 million, who bought ANZ and National Bank-branded insurance products supplied by Tower.
Last year when ANZ National ditched Tower as its supplier and decided to use Vero as its underwriter instead, it tried to get its Tower customers to switch over to Vero.
The scrap looked to be heading to the Supreme Court after the Court of Appeal upheld a March 2009 High Court decision ruling that Tower was able to continue to renew and manage these customers.
But Tower announced today it had reached an agreement allowing it to continue to renew insurance policies sold through ANZ National.
Tower managing director Rob Flannagan said, “We are very pleased to have resolved this matter on terms, which enables us to continue to protect the interests of our customers.
“Customers will continue to benefit from their existing relationship with Tower Insurance, which has always been our motivation for pursuing this matter.”
