New Zealand's largest insurance company, Sovereign (of which Velocity Financial supports), has been sold with the new buyer being AIA.
This sale will be finalised mid next year. Sovereign's history to become New Zealand largest insurer has involved amalgamating 27 companies (I think that's the number) into one big one. So this is another step in that process of a smaller insurer being absorbed into an even larger company.
What does this mean for you?
All existing policies and conditions will be honoured as they are legal binding contracts. In the insurance land, this purchase is viewed as a good thing with improvements for clients to come.
We will certainly be keeping all existing Sovereign clients up to speed.