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The ANZ and National banks are to start selling insurance company Vero's products, as their existing relationship with rival Tower ends in acrimony.
The Vero arrangement begins on March 1, the same day the Tower contract was due to cease.
ANZ/National's relations with Tower are now the subject of court proceedings. Rob Flannagan, group managing director of the insurer, said he "couldn't comment any further" as to whether the ANZ/National relationship would terminate on schedule.
An ANZ spokesperson said the banking group was looking forward to being able to provide its customers with the benefits of its new relationship with Vero. "This will enable us to sell ANZ and National Bank branded insurance products, underwritten by Vero, through our branches.
"We had hoped that Tower would cooperate with us in managing this transition. Unfortunately this has not proven to be the case and we're disappointed to have had to resort to court proceedings. We're looking forward to reaching a resolution as quickly as possible."
Tower announced in August that its 15-year relationship with ANZ/National would end.
It said the portfolio of products sold to the banks' customers had grown to $70 million in annual premium revenue, but "revenue sharing arrangements have resulted in Tower incurring an ongoing underwriting loss from the venture".
Flannagan said court files on the case were closed in order to protect confidential information in the marketplace.
He said there was no question of uncertainty for consumers.
ANZ also moved to reassure policyholders. "We can assure our customers who currently hold insurance policies sold through our ANZ and National Bank branches (and underwritten by Tower) that their existing insurance cover will continue as per the terms of the specific policy," the spokesperson said.
